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OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION
DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES./
TORONTO, Sept. 6,
2024 /CNW/ - Luca Mining
Corp. ("Luca" or the "Company") (TSXV:
LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce that it
has entered into an agreement with Stifel to act as lead agent and
sole bookrunner for and behalf of a syndicate of agents
(collectively, the "Agents"), in connection with a
"best-efforts" private placement of up to 19,000,000 units of the
Company (the "LIFE Units") at a price of $0.45 per LIFE Unit (the "Offering Price")
for aggregate gross proceeds of C$8.55 million (the "Offering"), with
the LIFE Units to be issued pursuant to the Listed Issuer Financing
Exemption (as defined below).
Each LIFE Unit will consist of one common share (a "Common
Share") and one-half (½) of one Common Share purchase warrant
(each whole warrant, a "Warrant") of the Company. Each
Warrant will be exercisable to acquire one Common Share for a
period of 18 months following the closing date of the Offering at
an exercise price of C$0.60 per
common share, subject to adjustment in certain events.
The net proceeds from the Offering are expected be used for
ongoing work on the Campo Morado Improvement Program, exploration
drilling at both Campo Morado and
Tahuehueto, commissioning of the Tahuehueto mill and for general
corporate purposes.
Subject to compliance with applicable regulatory requirements
and in accordance with National Instrument 45-106
- Prospectus Exemptions ("NI 45-106"), the
LIFE Units will be offered for sale to purchasers resident in
Canada and/or other qualifying
jurisdictions pursuant to the listed issuer financing exemption
under Part 5A of NI 45-106 (the "Listed Issuer Financing
Exemption"). Because the Offering is being completed pursuant
to the Listed Issuer Financing Exemption, the LIFE Units issued
pursuant to the Offering will not be subject to a hold period
pursuant to applicable Canadian securities laws. There is an
offering document related to the Offering that can be accessed
under the Company's issuer profile on SEDAR+
at www.sedarplus.ca and on the Company's website
at lucamining.com/. Prospective investors should read the
offering document before making an investment decision.
The Offering is scheduled to close on or about September 26, 2024 (the "Closing Date")
and is subject to certain conditions including, but not limited to,
the receipt of all necessary regulatory and other approvals
including the approval of the TSX Venture Exchange.
The securities referred to in this news release have not been
and will not be registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act"), or any
state securities laws and may not be offered or sold within
the United States or to, or for
the account or benefit of, "U.S. Persons" (as such term is defined
in Regulation S under the U.S. Securities Act) absent such
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act. This news release does not
constitute an offer for sale of securities for sale, nor a
solicitation for offers to buy any securities. Any public offering
of securities in the United States
must be made by means of a prospectus containing detailed
information about the company and management, as well as financial
statements.
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a
diversified Canadian mining company with two 100%-owned producing
mines in Mexico. The Company
produces gold, copper, zinc, silver and lead from these mines that
each have considerable development and resource upside.
The Campo Morado mine, is an
underground operation located in Guerrero
State, a prolific mining region in Mexico. It produces copper-zinc-lead
concentrates with precious metals credits. It is currently
undergoing an optimization program which is already generating
significant improvements in recoveries and grades, efficiencies,
and cashflows.
The Tahuehueto Gold, Silver Mine is a new underground operation
in Durango State, Mexico, within
the Sierra Madre Mineral Belt which hosts numerous producing and
historic mines along its trend. The Company is commissioning its
mill capacity to +1,000 tonnes per day, and key test work and
production ramp-up is underway, to increase production by 2H
2024.
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, Chief
Executive Officer
For more information, please
visit: www.lucamining.com
Qualified Persons
The technical information contained in this News Release has
been reviewed and approved by Mr. Chris
Richings, Vice-President Technical at Luca Mining as the
Qualified Person for the Company as defined in National Instrument
43-101.
Cautionary Note Regarding Production Decisions and
Forward-Looking Statements
It should be noted that Luca declared commercial production at
Campo Morado prior to completing a
feasibility study of mineral reserves demonstrating economic and
technical viability. Accordingly, readers should be cautioned
that Luca's production decision has been made without a
comprehensive feasibility study of established reserves such that
there is greater risk and uncertainty as to future economic results
from the Campo Morado mine and a
higher technical risk of failure than would be the case if a
feasibility study were completed and relied upon to make a
production decision. Luca has completed a preliminary economic
assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual
life of mine plan and a preliminary economic analysis based on the
previously identified mineral resources (see news releases dated
November 8, 2017, and April 4, 2018).
Statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
laws. Forward Looking Information includes, but is not limited to,
disclosure regarding the Offering, the anticipated timing of
closing thereof and the expected use of proceeds therefrom; and
other possible events, conditions or financial performance that are
based on assumptions about future economic conditions and courses
of action; the timing and costs of future activities on the
Company's properties, such as production rates and increases;
success of exploration, development and bulk sample processing
activities, and timing for processing at its own mineral processing
facility on the Tahuehueto project site. In certain cases,
Forward-Looking Information can be identified using words and
phrases such as "plans," "expects," "scheduled," "estimates,"
"forecasts," "intends," "anticipates" or variations of such words
and phrases. In preparing the Forward-Looking Information in this
news release, the Company has applied several material assumptions,
including, but not limited to, that all requisite approvals in
respect of the Offering will be received, and all conditions
precedent to completion of the Offering will be satisfied, in a
timely manner; the Company will be able to raise additional capital
as necessary; the current exploration, development, environmental
and other objectives concerning the Campo Morado Mine and the
Tahuehueto Project can be achieved; the program to improve mining
operations at Campo Morado will
proceed as planned; the continuity of the price of gold and other
metals, economic and political conditions, and operations.
Forward-Looking Information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the Forward-Looking Information. There can
be no assurance that Forward-Looking Information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, the Company does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Luca Mining Corp.