Insider Acquisition of Lucky Minerals

Rhea-AI Summary

Lance Hubbard announced the acquisition of 14,325,555 units of Lucky Minerals through a private placement on January 24, 2022. The investment totaled CAD$1,289,299.95, with each unit priced at $0.09. This acquisition increased his stake to approximately 10.18% of the company’s common shares, which could rise to 18.08% if warrants are exercised. The units consist of common shares and purchase warrants, exercisable at $0.20 per share until January 24, 2024. Hubbard aims to manage his stake based on market conditions.

Positive

• Lance Hubbard's investment increases his stake in Lucky Minerals to approximately 10.18%, enhancing his influence in the company.
• The acquisition may provide capital and support for future growth opportunities for Lucky Minerals.

Negative

• Substantial capital investment may indicate a reliance on external financing, presenting potential risk if market conditions worsen.

SAN JOSÉ, COSTA RICA / ACCESSWIRE / January 26, 2022 / Lance Hubbard ("Lance") announced that on January 24, 2022 he has, by way of a non-brokered private placement (the "Private Placement"), acquired 14,325,555 units ("Units") of Lucky Minerals Inc. ("Lucky", which has a head office at 1010 - 789 West Pender Street, Vancouver, British Columbia, V6C 1H2). Lance subscribed for 14,325,555 Units at a price of $0.09 per Unit, for an aggregate consideration of CAD$1,289,299.95, with each Unit consisting of one common share of Lucky and one transferable common share purchase warrant exercisable to purchase an additional common share of Lucky at a price of $0.20 per share until January 24, 2024.

Immediately following the closing of the Private Placement, Lance had ownership or control, directly or indirectly, over an aggregate of 15,116,055 common shares of Lucky, representing approximately 10.18% of the number of common shares of Lucky then issued and outstanding, on a non-diluted basis, and approximately 18.08% of the number of common shares of Lucky then issued and outstanding on a partially-diluted basis (assuming only the exercise in full of the 14,325,555 common share purchase warrants of Lucky held by Lance). Prior to the closing of the Private Placement, Lance had ownership or control, directly or indirectly, over 790,500 common shares of Lucky, which 790,500 Common Shares are held jointly by Lance and Lance's wife, Elizabeth Hinojosa, representing approximately 0.63% of the number of common shares of Lucky then issued and outstanding, on a non-diluted basis, and approximately 0.63% of the number of common shares of Lucky then issued and outstanding on a partially-diluted basis.

Lance acquired the Units for investment purposes. Lance may, depending on market and other conditions, increase or decrease beneficial ownership or control in the securities of Lucky, or otherwise deal with such securities in such manner as deemed advisable through market transactions, private agreements or otherwise.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

For more information or to obtain a copy of the early warning report filed in respect of this press release, contact Lance Hubbard at 593(07) 249 0032 or e-mail at Hubbardlance80@gmail.com.

SOURCE: Lucky Minerals Inc.

View source version on accesswire.com:
https://www.accesswire.com/685778/Insider-Acquisition-of-Lucky-Minerals

FAQ

What was the total investment amount by Lance Hubbard in Lucky Minerals?

Lance Hubbard invested a total of CAD$1,289,299.95 in Lucky Minerals.

How many units did Lance Hubbard acquire on January 24, 2022?

Lance Hubbard acquired 14,325,555 units of Lucky Minerals.

What percentage of Lucky Minerals does Lance Hubbard own after the acquisition?

After the acquisition, Lance Hubbard owns approximately 10.18% of Lucky Minerals on a non-diluted basis.

What is the exercise price of the common share purchase warrants acquired by Lance?

The exercise price of the purchase warrants is $0.20 per share.

What is the deadline for exercising the purchase warrants?

The purchase warrants must be exercised by January 24, 2024.