Fitzroy Minerals Raises Over C$1 Million on Warrant Exercise

Company Overview

Fitzroy Minerals Inc. [TSXV: FTZ | OTCQX: FTZFF | FSE: C3Y] is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The company's current property portfolio includes the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio Negro, Argentina, and the Caribou Project in British Columbia, Canada.

Warrant Exercise Details

A total of 4,307,514 warrants and finder's warrants were originally issued as part of Fitzroy Minerals' private placement closed in March 2024. Each warrant was exercisable to purchase one common share of the company at an exercise price of C$0.25 per share for a period of two years from the closing of the private placement. Prior to the expiry date, 4,144,382 warrants and finder's warrants were exercised, representing 96% of the total originally issued and generating proceeds of approximately C$1,036,096. Combined with the most recent financing, the proceeds are intended to solidify the company's financial position and support ongoing drilling at Buen Retiro and Caballos in Chile.

Chairman of Fitzroy Minerals, Campbell Smyth commented:

"We are grateful for the support from our shareholders. The exercise of over ninety six percent of the outstanding warrants in a period of extreme market volatility is a strong endorsement of our strategy and prospects. Fitzroy Minerals is progressing well with the Buen Retiro heap leach pre-feasibility study and the Company is well placed to accelerate our 2026 exploration programs at Buen Retiro and at Caballos."

Correction to Private Placement Disclosure

The company has issued a correction relating to the breakdown of shares and units issued across the two tranches, with no changes to total proceeds or overall structure.

In the first tranche, the company issued 5,980,000 common shares under the listed issuer financing exemption at $0.50 per share for gross proceeds of $2,990,000, and 31,880,000 units at $0.50 per unit for gross proceeds of $15,940,000. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.80 per share for two years from issuance.

In the final tranche, the company issued 8,810,000 shares under the same exemption at $0.50 per share for gross proceeds of $4,405,000, and 33,500,000 units at $0.50 per unit for gross proceeds of $16,750,000.

All other details of the original private placement remain unchanged. The units, underlying shares, and any shares issued upon exercise of the warrants are subject to a statutory hold period of four months and one day from issuance under applicable Canadian securities laws.

Next Steps

With the warrant exercise proceeds now received, Fitzroy Minerals states it is well positioned to efficiently advance its exploration campaign at Buen Retiro and Caballos. The company is also progressing the Buen Retiro heap leach pre-feasibility study.

FAQs (AI-Generated)

‍