Luca Mining Corp. announced a private placement of 58,000,000 units at issue price of CAD 0.35 per unit for gross proceeds of CAD 20,300,000 on March 31, 2023. The company reserves the right to oversubscribe the transaction by 20%, pursuant to which the company may sell an additional 11,600,000 units for gross proceeds of up to CAD 4,060,000.

Each unit shall consist of one common share and one-half of one transferable share purchase warrant. Each warrant shall entitle the holder thereof to acquire one additional common share at a price of CAD 0.5 per warrant share for a period ending two years following the closing of the transaction. The company expects CALU to subscribe for an estimated amount of CAD 5,250,000.

All securities issued in connection with the transaction will be subject to a four month plus one day hold period under applicable Canadian securities laws. The transaction is subject to the approval of the TSXV. In connection with the transaction, the company intends to pay finders' fees in cash and securities, as permitted by TSXV policy and applicable securities laws.

It is expected the finder's fees will be paid in cash equal to 6% of the proceeds plus warrants equal to 6% of the number of units placed by the applicable finder.