Luca Mining Corp V.LUCA

Alternate Symbol(s): LUCMF

Metals & Mining Industrial Metals & Minerals

Luca Mining Corp. is a Canada-based mining company operating in Mexico that engages in exploration, development and operation of polymetallic mineral resource projects in Mexico. It offers a portfolio of two advanced projects: Tahuehueto and Campo Morado. The Company's Tahuehueto Gold Mine Project is in north-western Durango State, Mexico where construction of an initial 500 tons per day (tpd) operation is well advanced. The commercial production, the 1,000 tpd project, shall follow immediately after commissioning the initial stage. The operation is generating gold, silver, lead and zinc in concentrates. Its Campo Morado is an operating polymetallic base and precious metals mine producing at an average of 2,400 tpd, generating zinc and copper concentrates with significant precious metals credits.

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Luca Mining Corp > Debt

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Comment by lscfaon Jan 17, 2023 2:20am

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Post# 35227112

RE:Debt

Contractor does $392k of work, submits invoice for $1176k?

okgonow wrote:
that is some good news!!!!!!!!!!!!!!!!
more than 3X current stock price amazing wonder how they swung that one, or am I missing something here????

Debt Settlement

The Company has also entered into a debt settlement agreement with an arms’ length mining contractor (the “Creditor”) to settle CDN$1,176,297 which is owing to the Creditor as a result of underground mine development work. The Company and the Creditor have agreed that the issuance to the Creditor of 735,186 common shares of the Company at a deemed price of CDN$1.60 per common share will extinguish and settle the debt. The completion of the debt settlement and issuance of the common shares is subject to TSXV approval. All shares issued in connection with the debt settlement will be subject to a hold period of four months and one day from the date of issuance.

The Company is pleased to have this vote of confidence, with the settlement being made at a significant premium to the market, from such a reputable mining contractor.