Lucky Minerals Inc. has completed the second tranche of its private placement for gross proceeds of $1,148,000.
In a statement, the company said it raised a total of $3,875,840 under the two tranches of the offering.
The net proceeds will be used to complete a 3,000-metre (m) drill program on the company's Fortuna Project in Ecuador and for general working capital purposes.
READ: Lucky Minerals reports more encouraging exploration results from Wayka gold discovery at Fortuna property
The second tranche closing consisted of 14,350,000 units at $0.08 apiece. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share for $0.15 each exercisable until September 16, 2023.
All of the common shares and warrants are subject to a statutory hold period expiring four months and one day from the date of issuance.
Lucky Mineral said the offering has received TSXV conditional approval and remains subject to final TSXV approval.
In connection to the Tranche 2 part of the offering, the company said it paid finder's fees in cash of C$13,600 and issued 146,125 compensation warrants, under which each warrant is exercisable into one share at $0.15 apiece until September 16, 2022.
The company's Fortuna Project consists of 12 contiguous, 550 square-kilometer (55,000 hectares or 136,000 acres) exploration concessions in a highly prospective, yet under-explored, gold belt in southern Ecuador.
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