Business
Lupaka Gold Agrees to Sell Its Crucero Gold Project to Goldmining Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2017) - Lupaka Gold Corp (TSXV: L...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"Lupaka Gold Agrees to Sell Its Crucero Gold Project to Goldmining Inc.Vancouver, British Columbia--(Newsfile Corp. - September 19, 2017) - Lupaka Gold Corp (TSXV: LPK) (FSE:LQP) (\"Lupaka\" or the \"Company\") announces that the Company has signed a definitive sales agreement (the \"Agreement\") to sell all of its interests in the Crucero Gold Project to GoldMining Inc. (\"GoldMining\").\"This sale allows Lupaka to focus its efforts on its core properties that we believe have much greater and more immediate development potential,\" stated Gordon Ellis, President and C.E.O. \"Upon the closing of this transaction, the Company will be fully funded to bring its Invicta Gold Project into production without any financing dilution to Lupaka shareholders. We believe that focusing the Company's resources on the Invicta and Josnitoro properties is a much more productive use of Lupaka's assets and will lead to greater shareholder value being realized in the foreseeable future.\"The AgreementPursuant to the Agreement, GoldMining will acquire all of the shares of a wholly owned subsidiary of Lupaka, which will hold a 100% interest in Crucero. Total consideration payable by GoldMining to Lupaka under the transaction is 3,500,000 common shares of GoldMining and $750,000 in cash.The GoldMining shares to be issued under the transaction are subject to certain resale restrictions pursuant to the terms of the Agreement.The transaction is subject to customary closing conditions, including receipt of requisite third party and regulatory consents and approvals.An advisory fee will be paid by the Company to Fort Capital Partners (Vancouver, BC). DuMoulin Black LLP is acting as legal counsel to the Company.Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.About GoldMining Inc. (TSXV: GOLD) (OTCQX: GLDLF)GoldMining is a public mineral exploration company focused on the acquisition and development of gold projects in Colombia and other regions of the Americas.  GoldMining is advancing its Titiribi and La Mina Gold-Copper Projects located in the Department of Antioquia, Colombia, its Cachoeira and São Jorge Gold Projects located in the State of Pará, northeastern Brazil, its Whistler Gold-Copper...