Lupaka Gold Completes Closing of Private Placement Financing and Reports Second Run-of-Mine Bulk Processing Test Results

About this update from Lupaka Gold Corp.

[{"type":"text","content":"Lupaka Gold Completes Closing of Private Placement Financing and Reports Second Run-of-Mine Bulk Processing Test ResultsVANCOUVER, BC / ACCESSWIRE / February 22, 2016 / Lupaka Gold Corp. (TSXV: LPK) (FSE: LQP.F) (\"Lupaka Gold\" or the \"Company\") announces that it has closed the non-brokered private placement (\"Placement\") previously announced on February 11, 2016.\nAdditionally, the Company has completed its second run-of-mine bulk test of 532 tonnes achieving total recoveries of 87.52% for Gold, 91.18% for Silver and 91.52% for Copper. The tests were run under the supervision of an independent metallurgist, at a local toll mill in Nazca, south of Lima, Peru. \nClosing of Private Placement \nThe Company issued 8,390,000 units (the \"Units\") at a price of $0.05 for gross proceeds of $419,500. 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. \nAt 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 news release. In such case the Warrants will expire on the 30th day after the date on which such notice is given. \nNo Insiders participated in this Placement, and finders' fees to arm's-length parties in connection with the Placement consist of $16,110 in cash. The shares and Warrants issued in the Placement are subject to a four-month hold period.\nProceeds from the Placement will be used for general working capital purposes in Canada and to further the Company's Invicta Gold Project. \nMr. Gordon Ellis, President and CEO of Lupaka Gold commented \"We were originally aiming for $300,000 in funding from this private placement but the enthusiastic reception from investors resulted in the oversubscription to a total of $419,500. We thank our new and repeat shareholders for their support. Together with a successful closing of the Pandion financing opportunity, we will be able to move Invicta forward to near-ter...

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