Lupaka Gold Corp. (TSX-V: LPK) (FRA: LQP) announces that it has closed on $665,000 of its previously announced non-brokered private placement and approximately $874,000 of the previously announced shares-for-debt transaction. In connection with the Offering and SFD Transaction, Lupaka Gold has issued 25,649,508 units of the Company.

Non-brokered Private Placement

The Company has closed $665,000 of the Offering, as announced on January 28, 2019 and updated on February 14, 2019. Each Unit of the Offering is priced at $0.06 and consists of one common share of the Company and one transferable common share purchase warrant, with each Subscribers Warrant entitling the holder to acquire one common share of the Company at a price of $0.10 for a period of 30 months from the date of the closing of the Offering. 

In connection with the subscriptions received in this portion of the Offering the Company expects to pay finders’ fees of $19,350 and issue 322,500 non-transferable common share purchase warrants, with each Finders Warrant entitling the holder to acquire one common share of the Company at a price of $0.10 for a period of 30 months from the date of the closing of the Offering.

Proceeds from the Offering are intended to be used for general working capital purposes.

The closing of the Offering remains subject to receipt of final approval of the TSX Venture Exchange.

Shares-for-Debt Transaction

The Company also announces that it has completed the SFD Transaction that was announced on February 14, 2019 and updated on March 7, 2019. Under the SFD Transaction the Company has issued 14,566,175 Units to several creditors under the same terms and pricing as the Private Placement to convert $873,971 in bridge loans and short-term accounts payable in Canada. Each Unit converted at a deemed price of $0.06.  Certain directors and officers of the Company participated in the SFD Transaction, totalling $156,250 converting to 2,604,166 Units.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through discoveries and strategic development of the Invicta development project, located in Peru, approximately 120 kilometres north of Lima.