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Luca Mining's Upgrade Initiative at Campo Morado Gets Financial Boost with New Funding Package
Luca Mining's Upgrade Initiative at Campo Morado Gets Financial Boost with New Funding Package ...
About this update from Luca Mining Corp
[{"type":"text","content":"\n \n \n \n Luca Mining's Upgrade Initiative at Campo Morado Gets Financial Boost with New Funding Package\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Dec. 6, 2023\n \n \n \n Luca Mining Corp.\n \n (\"\n \n Luca\n \n \" or the \"\n \n Company\n \n \") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce that it has arranged a funding package for the mine optimization program (the \"Program\") underway at its 100% owned\n \n Campo Morado\n \n copper-gold-silver-zinc mine in\n \n Mexico\n \n .\n \n \n \n \n \n \n \n \n \n The optimization program at\n \n Campo Morado\n \n is a major initiative and is expected to result in fundamental improvements in productivity, operational efficiency and cashflow.\n \n \n \n \n Campo Morado Optimization Program\n \n \n \n \n \n \n \n Luca expects revenues from\n \n Campo Morado\n \n to increase by approximately 40% as a result of the optimization program.\n \n \n \n \n \n \n \n Funding Secured for Optimization Program\n \n \n \n \n \n \n \n Luca has secured the CAD\n \n $3.6 million\n \n budgeted for the Program, focusing on mine and mill equipment, process control, and operator training.\n \n \n Total funding package includes a CAD\n \n $2 million\n \n private placement at a significant premium to the market, as well as a US\n \n $2.5 million\n \n debt facility.\n \n \n \n \n \n \n \n Trafigura Debt Restructuring\n \n \n \n \n \n \n \n Trafigura converts US\n \n $5.8 million\n \n loan into a non-interest-bearing convertible loan.\n \n \n \n \n \n \n \n Debt Settlement with Latapi Consultores\n \n \n \n \n \n \n \n Luca settles a CAD $11M+ debt with Latapi, writing off CAD $3M+ and converting the remaining CAD\n \n $7.9M\n \n to equity at CAD\n \n $0.45\n \n per share, greatly improving the Company's financial position.\n \n \n \n \n \n \n \n Mike Struthers\n \n , CEO, commented, \"This is a transformational initiative for\n \n Campo Morado\n \n . Through this strategic funding we can push ahead aggressively with this program, unlocking the...