Business
Lupaka Gold Completes Financing for Development of the Invicta Gold Project
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2018) - Lupaka Gold Corp. (TSXV: L...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"Lupaka Gold Completes Financing for Development of the Invicta Gold ProjectVancouver, British Columbia--(Newsfile Corp. - February 13, 2018) - Lupaka Gold Corp. (TSXV: LPK) (FSE: LQP) (\"Lupaka Gold\" or the \"Company\") is pleased to announce that the Company has secured the necessary funding required for development of the Invicta Gold Development Project (\"Invicta\"). Lupaka has received US$2,500,000 in proceeds from Tranche 3 of the total US$7,000,000 Pre-Paid Forward Gold Purchase Agreement (the \"Agreement\") with PLI Huaura Holdings LP (\"PLI\"), as well as approximately US$3,000,000 from the sale of 3.1 million shares in GoldMining Inc. (\"GoldMining\"). Highlights:Proceeds of US$2,500,000 received from Tranche 3 of the Agreement with PLILiquidity further increased by US$3,000,000 from the sale of 3.1 million common shares of GoldMining Well-funded with a cash balance of approximately $7.6 millionRehabilitation, preparation and development work at Invicta underway and to be completed within the next four months Preliminary Economic Assessment on track for completion in the first quarter of 2018 (\"Q1 2018\")Will Ansley, President and CEO of Lupaka stated: \"With a consolidated cash balance of approximately $7.6 million, along with 400,000 free trading shares of GoldMining, the Company remains well funded to deliver on its objectives of advancing the Invicta Gold Development Project towards potential production in the second half of 2018.\" Tranche 3 of the Pre-Paid Forward Gold Purchase AgreementPursuant to the Agreement, financing proceeds were provided by PLI in three tranches: Tranche 1 - US$1,600,000 (received on August 9, 2017, net of related fees); Tranche 2 - US$2,000,000 (received November 8, 2017); and Tranche 3 - US$2,500,000 (received today). Lupaka Gold has met the key condition required in order to receive US$2,500,000 in proceeds from Tranche 3 under the PLI Agreement. On November 21, 2017 the Company sold the Crucero Gold Project to GoldMining for cash proceeds of $750,000 and 3.5 million common shares. Lupaka has since sold 3.1 million GoldMining shares for proceeds of approximately US$3,000,000, leaving the Company with a balance of approximately 400,000 shares. In addition, negotiations with offtake traders remain ongoing and are expected to be completed within the next three months, alongside the reha...