Fitzroy Minerals Announces Closing of First Tranche of Non-Brokered LIFE Offering

Core Viewpoint - Fitzroy Minerals Inc. has successfully closed the first tranche of its non-brokered private placement, raising approximately $5 million through the issuance of 16,666,667 common shares at a price of $0.30 per share, with plans to raise up to $12 million in total from the LIFE Offering [1][2]. Group 1: Private Placement Details - The LIFE Offering is expected to consist of shares issued at $0.30 each, aiming for total gross proceeds of up to $12 million, with a minimum offering amount of $8 million [2]. - The offering is conducted under the listed issuer financing exemption and will not have a hold period under Canadian securities laws [3]. - A concurrent non-brokered private placement is planned for up to $1 million through the issuance of 3,333,333 shares at the same price of $0.30 per share [4]. Group 2: Use of Proceeds - The gross proceeds from the Private Placement will be allocated for exploration activities and property commitments on the Buen Retiro and Caballos projects, general administrative costs, and working capital [5]. Group 3: Finder's Fees and Insider Participation - In connection with the first tranche, the company will pay $400,000 in cash finder's fees and issue 1,333,332 finder's warrants, each exercisable at $0.50 for two years [7]. - Insider participation in the Concurrent Offering is anticipated, which may be considered a related party transaction but will be exempt from formal valuation and minority shareholder approval requirements [8][9]. Group 4: Company Overview - Fitzroy Minerals focuses on exploring and developing mineral assets in the Americas, with projects including Buen Retiro, Caballos, Taquetren, and Cariboo [11].