Junior corporate roundup: Lupaka, Equinox, Bear Creek, Sable

Vancouver-based Lupaka Gold, which is developing the Invicta gold project in Lima region, Peru, said it secured funding for the project.

Lupaka received US$2.5mn of a total US$7mn prepaid gold purchase agreement with PLI Huaura Holdings, in addition to US$3mn from the sale of 3.1mn shares in fellow Vancouver miner GoldMining, the company said.

The funds will enable the company to put the project into production in the second half of 2018, Lupaka said. Lupaka added that it hired SRK Consulting to complete a preliminary economic assessment in Q1.

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Vancouver's Equinox Gold, which is developing the Aurizona gold project in Maranhão, Brazil, said it received Cdn$19.2mn (US$15.2mn) from Pacific Road Resources Funds.

Equinox issued 21mn shares in exchange for the funding, the company said in a statement. It added that it has also drawn US$15mn from an US$85mn secured project credit facility.

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Vancouver -based Bear Creek Mining, which is developing the Corani silver project in Puno, Peru, said it appointed Paul Tweddle as CFO.

Tweddle, who holds an MBA from Yale, previously worked at Rio Alto Mining, Dunheath Capital and Oben Holding Group, according to a statement. Tweddle replaces Steven Krause, who had held the position since 2012, the company said.

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Vancouver's Sable Resources entered into a binding letter of intent to acquire the Don Julio gold project in San Juan, Argentina.

Sable may earn up to a 50% stake in the property in exchange for 1mn shares, US$600,000 in cash payments and US$1mn in exploration spending, the company said. Drilling definition, mapping and sampling will begin once all approvals are secured, it said.