Lucky Minerals (TSX-V:LKY, OTC:LKMNF) Inc said it has increased its previously announced non-brokered private placement to up to 35,714,286 units from 33,000,000 units for gross proceeds of up to $2.0 million from up to approximately C$1.848 million previously.
The company also noted that investors in the offering now include Victor Cantore, president and CEO of Amex Exploration, in addition to the previously announced Michael Gentile.
In a statement, Francois Perron, Lucky’s president and CEO commented: “The foundation for our future growth continues to be strengthened with the addition of Mr Cantore to our shareholder base. Our project in Ecuador is entering a very exciting phase. The entire team is looking forward to the first drilling of the Discovery Zone at Wayka in the coming weeks.”
The company noted that Cantore is a seasoned capital markets professional specializing in the junior mining and resource sector. He has been president & CEO at Amex Exploration since 2016. Under his leadership, Amex Exploration has made one of the most significant gold discoveries in Quebec and has led the company through an enormous growth and expansion period.
READ: Lucky Minerals announces private placement which will see a new strategic investor take a big stake
Cantore has also been involved as an officer, a director, or a significant shareholder of several other mining companies including Vanstar Mining Resources, Nemaska Lithium, Vision Lithium, Freeman Gold, Royal Fox Gold (TSX-V:FOXG) and Generic Gold. He is deeply connected to the Canadian, American and European financial markets that specialize in the mining sector as well as leading mineral exploration professionals globally.
As an established executive and active shareholder in the mining space, Cantore leverages his connections and expertise to build value in companies by making new discoveries of valuable mineral deposits that are required for global growth and prosperity.
The company said the net proceeds of the private placement will be used to support the first drill program on the Fortuna Project in Ecuador and for general working capital purposes.
Each unit in the offering is comprised of one common share and one full three-year common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of C$0.10 each until the date that is 36 months from the closing of the offering.
All the shares and warrants issued in connection to the offering are subject to a statutory hold period expiring four months and one day from the date of issuance.
The company said it may pay finders’ fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering is subject to TSX Venture Exchange approval.
Lucky Minerals is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world-class deposits.
The company's 100%-owned Fortuna Project is comprised of twelve contiguous, 550 square kilometres (55,000 hectares, or 136,000 acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Contact the author at jon.hopkins@proactiveinvestors.com