Fidelity Minerals Corp (CVE:FMN) (FRA:S5GM) (OTCMKTS:SAIDF) has announced a private placing to raise up to C$600,000 gross to advance its Peruvian exploration and community relation programs.
Net proceeds of the financing will also support commercial negotiations in a bid to lift its ownership at the Las Huaquillas project, and for working capital, the project generator said Monday.
The company will issue up to 4.8 million units at C$0.125 each, with each unit consisting of one share and one whole warrant.
READ: Fidelity Minerals is a Peru-focused project generator with the right plan, at the right place and time
Each warrant is exercisable into one further share at C$0.15 for two years after closing.
Red Cloud Securities will act as finder for the company under the offering.
The financing is scheduled to close on or around April 6 this year.
Fidelity Minerals Corp has a portfolio of four mining assets in Peru and is implementing the Strategic Project Generator (SPG) model.
It is currently focused on the two most advanced assets: the Greater Las Huaquillas and Las Brujas exploration projects.
At the beginning of this month, the company unveiled a raft of key changes at the top as part of a bid to further advance its project portfolio.
Former Rio Tinto PLC geologist and manager, Dean Pekeski was appointed as the company's chief executive and president effective from March 1, 2021, replacing CEO Ian Graham, who will remain as an independent board director.
Meanwhile, Fidelity's chairman Bahay Ozcakmak resigned to focus on his executive responsibilities at Parkway Minerals. He is replaced as chairman by John Byrne, the chairman of Lions Bay Capital, a strategic shareholder, with a 42.9% stake in the company.
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