Business
Lupaka Gold Completes Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 31, 2015) - Lupaka Gold Corp (TSXV: ...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"Lupaka Gold Completes Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 31, 2015) - Lupaka Gold Corp (TSXV: LPK) (FSE: LQP) (\"Lupaka Gold\" or the \"Company\") is pleased to announce that it has closed the non-brokered private placement (\"Placement\") previously announced on December 29, 2015. The Company issued 2,200,000 units (the \"Units\") at a price of $0.05 for gross proceeds of $110,000. Each Unit consists of one common share and one transferable common share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share, exercisable at $0.10 for a period of thirty-six months from closing. At any time following the date that is four months after the date of issue, the Warrants are subject to an acceleration clause in the event the closing price of Lupaka Gold's common shares is greater than $0.30 for a period of 20 consecutive trading days. Lupaka Gold may accelerate the expiry date of the warrants by giving notice to the holders thereof through the issuance of a press release. In such case the Warrants will expire on the 30th day after the date on which such notice is given. Directors, Officers and Insiders of the Company, acquired 1,600,000 Units under the Placement. Their participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to them, or the consideration paid, exceeded 25% of the Company's market capitalization. No Finder's fee or commission has been paid in respect of the Placement. Proceeds from the Placement will be used for general working capital purposes in Canada and to further the Company's Invicta Gold Project. The shares and Warrants issued in the Placement are subject to a four-month hold period.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.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.This news release does n...