Fitzroy Minerals Announces Closing Of Final Tranche Of Non-Brokered Life Offering And Concurrent Private Placement

Core Viewpoint - Fitzroy Minerals Inc. has successfully closed the second and final tranche of its non-brokered private placement, raising a total of approximately $12,000,000 through the issuance of 40,000,000 common shares at a price of $0.30 per share [1][3]. Group 1: Private Placement Details - The final tranche of the LIFE Offering involved the issuance of 23,333,333 shares, generating gross proceeds of about $7,000,000 [1]. - The total gross proceeds from the LIFE Offering and a concurrent private placement amount to $12,000,000 and $540,000 respectively [1][3]. - The securities from the LIFE Offering are not subject to a hold period under Canadian securities laws, while those from the concurrent offering are subject to a four-month hold period [2][3]. Group 2: Use of Proceeds - The proceeds from the private placement will be allocated to exploration activities and property commitments for the Buen Retiro and Caballos projects, as well as for general administrative costs and working capital [4]. Group 3: Finder's Fees and Warrants - The company will pay a total of $940,000.02 in finder's fees and issue 3,133,330 finder's warrants in connection with the private placement [6]. - Each finder's warrant allows the holder to acquire one common share at a price of $0.50 for two years following the final tranche [6]. Group 4: Related Party Transactions - Participation by Clariden Capital Ltd., associated with the company's chairman and a director, constitutes a related party transaction, exempt from formal valuation and minority shareholder approval [7][8].