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Lupaka Gold Receives US$2 Million From Second Tranche of the Pre-Paid Forward Gold Purchase Agreement
Lupaka Gold Receives US$2 Million From Second Tranche of the Pre-Paid Forward Gold Purchas...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"\n\n\n\nLupaka Gold Receives US$2 Million From Second Tranche of the Pre-Paid Forward Gold Purchase Agreement\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 8, 2017\n\n\n\nVANCOUVER, Nov. 8, 2017 /CNW/ - Lupaka Gold Corp. (\"Lupaka Gold\" or the \"Company\") (TSXV:LPK, FRA:LQP) is pleased to announce that the Company has received US$2,000,000 in proceeds from Tranche 2 of the total US$7,000,000 Pre-Paid Forward Gold Purchase Agreement (the \"Agreement\") with PLI Huaura Holdings LP (\"PLI\"). Pursuant to the Agreement, the financing proceeds will be 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 today); and Tranche 3 - US$2,500,000. \n\nTranche 2 of the Pre-Paid Forward Gold Purchase Agreement A condition for receipt of Tranche 2 was the registration of the Lacsanga Community Agreement in the Public Registry system in Peru, which was completed on November 6, 2017.\n\nIn conjunction with the receipt of Tranche 2, and pursuant to an agreement entered into with Red Cloud Mining dated October 20, 2015 (the \"Agent\"), the Company will pay cash consideration of 2% of the funds received from PLI and will issue, subject to approval of the TSX Venture Exchange, 263,238 Advisor Warrants at a price of $0.175, exercisable for a period of two years, expiring on November 7, 2019. The value of the Warrants to be issued is equal to 1% of the funds received from PLI, with the exercise price set at 30% above the 5-day VWAP. \n\nThe Agent is an Arm's Length party to the Company and is considered an \"accredited investor\" as such term is defined in National Instrument 45-106. The Warrants and any shares issued pursuant to the exercise of the warrants will be subject to a statutory hold period under Canadian securities laws expiring four months and a day after issue.\n\nTranche 3 of the Pre-Paid Forward Gold Purchase Agreement With the perfection of PLI's first priority lien on the Invicta property and registration of the Lacsanga Community Agreement now co...