Lupaka Gold (LPK.V) has completed the sale of the Crucero gold project to GoldMining (GOLD.V) for a total of C$5.75M in cash and securities, consisting of C$750,000 in cash as well as 3.5 million shares of GoldMining (subject to resale restrictions which haven’t been explained in Lupaka’s update). The share price of GOLD has decreased by more than 50% since the summer of last year, and with a current market capitalization of approximately C$190M, Lupaka could aim to realize a higher price than the current C$1.43 per share GoldMining is trading at.
The completion of this sale increases Lupaka’s cash + (restricted) securities balance to C$8.3M, and more importantly, it ticks one of the ‘requirement boxes’ as part of the financing agreement with PLI Huaura Holdings. We had a chat with CFO Darryl Jones and Chairman Gordon Ellis in Vancouver, and it now looks like Invicta is in the final straight line towards the finish line.
Go to Lupaka’s website
The author has a long position in Lupaka Gold. Lupaka is a sponsor of the website. Please read the disclaimer
