News dated 29 December 2015 Lupaka Gold arranges $110,000 private placement
2015-12-29 17:52 ET - News Release
An anonymous director reports
LUPAKA GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Lupaka Gold Corp. intends to complete a non-brokered private placement to raise gross proceeds of up to $110,000.
The company plans to issue up to 2.2 million units priced at five cents per unit. Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share, exercisable at 10 cents for a period of 36 months from closing.
The warrants are subject to an acceleration clause in the event the closing price of Lupaka Gold's common shares is greater than 30 cents for a period of 20 consecutive trading days at any time following the date that is four months after the date of issue, Lupaka Gold may accelerate the expiry date of the warrants by giving notice to the holders thereof through the issuance of a news release. In such case, the warrants will expire on the 30th day after the date on which such notice is given.
Directors, officers and insiders of the company will be participating in the placement. No finder's fee or commission will be paid in respect of the placement. Proceeds from the placement will be used for general working capital purposes in Canada and to further the company's Invicta gold project.
Final closing is expected to occur before the end of December, 2015, subject to receipt of final applicable regulatory approvals, including approval of the TSX Venture Exchange. The shares and warrants issued in the placement are subject to a four-month hold period.
We seek Safe Harbor.