VANCOUVER, B.C., Sept. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Lucky Minerals Inc. (TSX.V: LJ) (OTCQB: LKMNF) (FRA:8LM) (“Lucky” or the “Company”) is pleased to announce that further to the fulfilment of the TSX Venture Exchange’s (the “Exchange”) filing requirements, the Company has received final approval from the Exchange and has completed its Ecuadorian acquisition as previously announced in press releases dated April 11, 2018 and April 30, 2018. The Company acquired 100% of Goldmindex S.A. (“Goldmindex”), a private Ecuadorian company, by way of a share exchange between Lucky and Monterra Resources S.A. (“Monterra”), whereas Lucky acquired all of the issued and outstanding shares of Goldmindex from Monterra and one individual (collectively the “Vendors”), in exchange for 16,000,000 common shares of the Company to be issued to the Vendors (the “Transaction”).
As more fully described in the press release dated February 20, 2018, Lucky is gaining Goldmindex’s 100% interest in a 54,985 hectare (550 km2) contiguous property position comprising 12 individual mineral concessions located 50km south of Cuenca, the capital of Azuay province in Ecuador (the “Fortuna Property”). The Fortuna Property is a prospective land package located in the heart of a prolific Ecuadorian mineral belt near a number of significant gold and copper discoveries made during the last 20 years.
The transition agreement to be entered with a principal of Monterra (the “Transition Agreement”) in connection with the contemplated Transaction and in relation to ongoing advisory services to be rendered in Ecuador by such principal of Monterra in respect to the management and development of the Fortuna Property remains subject to Exchange approval as of the date of this press release. Such Transition Agreement shall become effective once the Exchange is satisfied that such Transition Agreement is in compliance with the Exchange rules and policies.
ON BEHALF OF THE BOARD
“Robert Rosner”
Chief Financial Officer
NEITHER 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.