Lupaka Gold (LPK.TO) has announced it has closed a private placement raising C$1.61M at C$0.20 per unit. Each unit consists of one common share and one full warrant valid for three years which allows the warrant holder to purchase an additional share at C$0.30.
This private placement doesn’t come unexpected as Lupaka is firing on all cylinders to bring the Invicta gold-copper-lead-zinc project back into production by the end of the first quarter of next year. As the budgeted initial capital expenditure was just $3M, this private placement is a good step in the right direction to get the project financed.
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