Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y), a Vancouver-based copper explorer focused on Chile, announced that holders of 98.95% of warrants issued under its September 2024 private placement elected to exercise before the September 20, 2026 expiry date. The exercises generated proceeds of approximately C$1,564,311 for the company. Fitzroy also disclosed the grant of 4,200,000 stock options to directors, officers, and consultants, exercisable at $0.455 per share until October 1, 2031.

Key Points

  • Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) is a copper exploration and development company with projects in Chile
  • 6,257,243 of 6,323,911 warrants exercised at $0.25 per share, generating approximately C$1,564,311 in proceeds
  • 4,200,000 stock options granted at $0.455 per share, fully vested immediately, expiring October 1, 2031
  • Investors may be watching how Fitzroy deploys capital toward the Buen Retiro heap leach plan and Caballos exploration

Warrant Exercise Results and Proceeds for Fitzroy's Chile Copper Portfolio

A total of 6,323,911 warrants and finder's warrants were originally issued as part of the private placement closed on September 20, 2024, each exercisable at $0.25 per common share over a two-year period. Of those, 6,257,243 warrants were exercised, representing 98.95% of the total issued. The resulting proceeds of approximately C$1,564,311 strengthen the company's treasury as it advances its two flagship copper assets in Chile: the Buen Retiro Copper Project near Copiapó and the Caballos Copper Project in Valparaiso.

Chairman Comments on Market Conditions and Strategic Funding Position

Chairman Campbell Smyth stated in the release that the near-complete exercise of warrants occurred during a period of what he described as "extreme market volatility," characterising the outcome as a strong endorsement of the company's strategy and investment case. Smyth added that Fitzroy is now well funded to rapidly de-risk the Buen Retiro heap leach development plan while accelerating exploration activity at both Buen Retiro and Caballos. The company did not disclose a specific exploration budget or timeline in the announcement.

Stock Option Grant Terms and Related-Party Disclosure

Fitzroy granted 4,200,000 stock options to certain directors, officers, and consultants under its existing stock option plan. The options are exercisable at $0.455 per share until October 1, 2031, and vested immediately on the grant date. Option shares are subject to a hold period of four months and one day. The company disclosed that the grant to directors and officers constitutes a related-party transaction under Multilateral Instrument 61-101, and confirmed it is exempt from formal valuation and minority shareholder approval requirements under sections 5.5(b) and 5.7(1)(a) of that instrument.