Lucky Minerals Increases Non-Brokered Private Placement Financing To $2.0 Million And Adds Additional Strategic Investor, Victor Cantore

Rhea-AI Summary

Lucky Minerals Inc. has increased its non-brokered private placement financing from 33 million to 35.71 million units, raising gross proceeds of up to $2.0 million. Each unit consists of one common share and one three-year warrant, priced at CDN $0.056 and CDN $0.10 per share respectively. Investor Victor Cantore joins existing investors, bolstering the company's strategic position ahead of its first drilling program at the Fortuna Project in Ecuador. The financing is subject to TSX Venture Exchange approval.

Positive

• Increased private placement from 33 million to 35.71 million units.
• Gross proceeds expected to reach $2.0 million.
• Addition of strategic investor Victor Cantore enhances credibility.

Negative

• Reliance on private placement for funding may indicate potential capital challenges.

Not for distribution to United States news wire services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / May 31, 2022 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA: LKY) ("Lucky" or the "Company") is pleased to announce that it has increased the previously announced (May 27, 2022 News Release) non-brokered private placement from 33,000,000 to up to 35,714,286 units (the "Units") for gross proceeds of up to $2.0 million (the "Offering"). Investors in the Offering now include Mr. Victor Cantore, President and CEO of Amex Exploration in addition to previously announced Mr. Michael Gentile, CFA.

The Offering will now consist of approximately 35,714,286 Units of the Company at CDN $0.056 per Unit, for gross proceeds of approximately $2.0 million. Each Unit is comprised of one common share (a "Share") and one full three-year common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Share at a price of CDN $0.10 per Share, until the date that is 36 months from the closing (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 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 net proceeds of the Private Placement will be used to support the first drill program on the Company's Fortuna Project in Ecuador and for general working capital purposes.

The Offering is subject to TSX Venture Exchange approval.

Additional strategic investor Mr. Victor Cantore

Mr. Cantore is a seasoned capital markets professional specializing in the junior mining and resource sector. Mr. Cantore 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. He 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 and Generic Gold. Mr. Cantore 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 he 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.

Francois Perron, Lucky's President and CEO states, "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."

ON BEHALF OF THE BOARD

"François Perron"
Chief Executive Officer

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

The Company's Fortuna Project is comprised of twelve contiguous, 550 km² (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

Or by contacting:

Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.

SOURCE: Lucky Minerals Inc.

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FAQ

What is the latest financing update for Lucky Minerals (LKMNF)?

Lucky Minerals has increased its non-brokered private placement from 33 million to 35.71 million units, aiming for approximately $2.0 million in gross proceeds.

Who is the new investor added to Lucky Minerals' financing?

The new investor is Victor Cantore, President and CEO of Amex Exploration, who brings extensive experience in the mining sector.

How will Lucky Minerals use the proceeds from the private placement?

The proceeds will support the first drilling program on the Fortuna Project in Ecuador and provide general working capital.

What are the terms of the units in Lucky Minerals' private placement?

Each unit comprises one common share priced at CDN $0.056 and one warrant allowing purchase of additional shares at CDN $0.10 for three years.

What is the status of the financing for Lucky Minerals (LKMNF)?

The financing is subject to approval by the TSX Venture Exchange.