Lupaka Gold (LPK.V) is still waiting for its streaming deal with Pandion Mine Finance to close, and although company representatives have confirmed the finish line is around the corner, Lupaka has entered into additional loan agreements with insiders and third party investors.
Lupaka will borrow an additional C$600,000 from the lenders, and the cash will be spent on the payment of concession fees and working capital purposes to make sure all properties and projects remain in good standing. The loan is unsecured and carries an interest rate of 12% and will have to be repaid within six months after the closing date, or three months after securing C$4M in additional funding. The lenders will also receive 4 million warrants exercisable at C$0.15 for a period of twelve months.
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The author has a long position in Lupaka Gold. Lupaka is a sponsor of the website. Please read the disclaimer
