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Lupaka Gold receives $5.7 million in cash and securities from sale of non-core asset to GoldMining
Lupaka Gold receives $5.7 million in cash and securities from sale of non-core asset to Go...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"\n\n\n\nLupaka Gold receives $5.7 million in cash and securities from sale of non-core asset to GoldMining\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 21, 2017\n\n\n\nHighlights:\n\n\nSale of a 100% interest in the Crucero Gold Project to GoldMining Inc. (TSX.V: GOLD);\nConsideration received of $5.7 million in cash and marketable securities in GoldMining Inc.;\nTotal cash and marketable securities on hand of ~$8.3 million.\n\n\nVANCOUVER, Nov. 21, 2017 /CNW/ - Lupaka Gold Corp. (\"Lupaka Gold\" or the \"Company\") (TSXV:LPK, FRA:LQP) is pleased to announce that, further to its news release of September 19, 2017, the Company has completed the sale of the Crucero Gold Project (\"Crucero\") to GoldMining Inc. (\"GoldMining\").  Total proceeds amount to $5.7 million, comprised of $750,000 in cash and 3,500,000 shares in GoldMining (TSX.V: GOLD).\n\nWill Ansley, President and CEO of Lupaka, said, \"Closing the sale of Crucero, a non-core asset, bolsters our treasury as we focus on putting our Invicta Gold Development Project into production. Our cash and marketable securities balance now totals approximately $8.3 million, before related fees.\"\n\nProceeds from the sale of Crucero will be used to partially satisfy the remaining conditions precedent to receive Tranche 3 (US$2.5 million) of the Pre-Paid Forward Gold Purchase Agreement with PLI Huaura Holdings LP and to provide additional working capital flexibility as the Company proceeds with the development of the Invicta Gold Development Project.  \n\nThe Transaction\n\nPursuant to the Agreement, GoldMining has acquired all of the shares of a wholly owned subsidiary of Lupaka, which holds a 100% interest in Crucero.  Total consideration payable by GoldMining to Lupaka under the transaction is 3,500,000 common shares of GoldMining (TSXV: GOLD) and $750,000 in cash.\n\nThe GoldMining shares issued under this transaction are subject to certain resale restrictions, however, total dilution to GoldMining shareholders is only 3%.  \n\nAdvisor...