Lucky Minerals Announces up to CDN $700,000 Non-Brokered Private Placement

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VANCOUVER, BC / ACCESSWIRE / January 25, 2023 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") announces a non-brokered private placement (the "Offering") of up to 12,500,000 units ("the Units") at a price of $0.056 per Unit for gross proceeds of up to approximately CDN $700,000.

Investors in the Offering will include Mr. Michael Gentile, who will maintain his share position in the Company at 19.9% on a partially diluted basis.

Each Unit of the Offering is comprised of one common share (a "Share") and one full three-year transferable 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 Offering will be used to support the drill program at the Company's Fortuna Project in Ecuador and for general working capital purposes.

Mr. Gentile's participation in the Private Placement constitutes a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a), respectively, as neither the fair market value of the Units issued to related parties nor the consideration for such Units will exceed 25% of the Company's market capitalization. The Company intends to file a material change report within the required time-frame, which will contain the prescribed disclosure relating to this related party transaction.

The Offering is subject to TSX Venture Exchange approval.

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.