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Luca Mining Corp. Announces an All-In $33M Financing Package
(NewsDirect) Luca Mining Corp. (the “ Company ” or “ Luca &#...
About this update from Luca Mining Corp
[{"type":"text","content":"Luca Mining Corp. Announces an All-In $33M Financing Package\n \n \n (NewsDirect)\n \n \n \n \n Luca Mining Corp. (the “\n \n Company\n \n ” or\n“\n \n Luca\n \n ”, formerly Altaley Mining Corporation) is pleased to\nannounce an overall financing package of up to CAD $33,200,000 (the\n“\n \n Financing Package\n \n ”) in place of the previously proposed\nrights offering (the “\n \n Rights Offering\n \n ”) (see the\nCompany’s news release dated December 6, 2022). The Financing\nPackage is comprised of a private placement and two strategic debt\nsettlements, as described below.\n \n \n \n Financing\nHighlights\n \n \n \n \n Strengthening the Company’s balance sheet\nthrough a strategic debt conversion of approximately CAD$8,000,000\nwith its offtake partner Trafigura and CAD$4,900,000 with its lead\ninvestor Calu Opportunity Fund LP.\n \n \n Private placement, to\nraise gross proceeds of up to approximately CAD $20.3 million\n \n \n Net proceeds will allow the Company to complete construction\nof its Tahuehueto phase 1 goal of 500 tonnes per day by Q2 2023 and\nanticipates construction of the 1,000 tpd project before the end of\n2023.\n \n \n \n \n Financing Package\n \n \n \n The Company will not be proceeding with its\npreviously announced Rights Offering due to significant interest in\nan equity raise by way of private placement at a higher price than it\nwould have been able to conduct the Rights Offering. Accordingly, the\nCompany has arranged a strategic debt conversion with its offtake\npartner Trafigura De Mexico, S.A. de C.V. (“\n \n Trafigura\n \n ”)in\nthe amount of US$5,800,000 (approximately CAD $8,000,000) and\nconcurrently has arranged an additional financing (the\n“\n \n Financing\n \n ”), comprised of a private placement and debt\nsettlement, to raise gross proceeds of up to approximately CAD $25.2\nmillion (of which $4.9M (the “\n \n Initial\n \n \n Advance\n \n ”) has\nbeen advanced and deployed by the Company), for its 100% owned\nTahuehueto Gold project and for working capital purposes. Net proceeds\nwill allow the Company to complete construction of its Tahuehueto\nphase 1 goal of 500 tonnes per day (“\n \n tpd\n \n ”) and make\nsubstantial progress on construction towards completion of...