Lucky Minerals Inc (CVE:LKY) (OTCMKTS:LKMNF) (FRA:LKY1) has announced a private placing to raise up to C$5 million gross to continue its exploration at the Fortuna property in southern Ecuador and for working capital.
The company is set to sell up to 62.5 million units at C$0.08 each, it said in a statement.
Each unit comprises one share and one share purchase warrant, which is exercisable into one share for two years from closing at a price of C$0.15 per warrant.
The Fortuna project is a royalty-free 550 square kilometers (sq km) exploration concession in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Lucky has a deal on Fortuna with First Quantum Minerals Ltd (TSE:FM) (OTCMKTS:FQVLF) (FRA:IZ1), whereby First Quantum can earn up to 70% on primary copper targets.
The company also has the Emigrant Creek project, which covers a 15 sq km area in southern Montana, USA.
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