Fidelity Minerals Corp said it has arranged a non-brokered private placement financing of up to 9,500,000 units at a price of C$0.10 per unit for total gross proceeds of up to C$950,000.
Each unit consists of one common share and a whole warrant, with each warrant exercisable into one additional common share at C$0.11 for a period of six months after the closing date.
The company said it intends to use the net proceeds of the financing for corporate working capital purposes.
The private placement is subject to the approval of the TSX Venture Exchange.
READ: Fidelity Minerals set for first phase exploration at Las Huaquillas project as it files NI 43 101 technical report
The company said the securities will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the US Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.
Fidelity Minerals has assembled a portfolio of high-quality mining assets in Peru and aims to delineate major deposits on these properties that could attract the interest of mid-tier and major mining companies.
The company has a portfolio of four key assets in Peru and is currently focused on progressing its two most advanced projects - Las Huaquillas and Las Brujas.
Fidelity is also looking to opportunistically expand its project portfolio with accretive acquisitions. The company is backed by an experienced management team with diverse technical, market, and commercial expertise and is supported by committed and sophisticated investors focused on building long-term value.
Contact the author at jon.hopkins@proactiveinvestors.com