Fidelity Minerals Corp. has arranged a non-brokered private placement to raise up to C$500,000 in gross proceeds. The financing involves the issuance of up to 2,500,000 units, with each unit priced at C$0.20.

Each unit comprises one common share and one-half of one warrant. Each full warrant is exercisable into one additional common share at a price of C$0.30 for a period of 24 months after the closing date. The company holds an acceleration right: if the closing price of its common shares equals or exceeds C$0.60 for 10 consecutive trading days, Fidelity Minerals may accelerate the warrant expiry date, after which the warrants will expire 30 days later.

The company intends to allocate the net proceeds to advance its exploration and community relations programs, specifically at the Las Huaquillas project in northern Peru. Remaining funds will be used for general working capital.

The financing remains subject to the final approval of the TSX Venture Exchange. All securities issued through the private placement will be subject to statutory hold periods expiring four months and one day from the date of closing. The company may also pay finders’ fees to eligible parties, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

A key upcoming catalyst for the company is the receipt of formal regulatory approval for the transaction from the TSX Venture Exchange. Once approved, the closing of the placement will provide the capital required to support the company’s planned operational activities in Peru.

Read the full announcement: Fidelity Minerals Announces Private Placement Financing