Lumina Gold raises $20M to advance projects in Ecuador

Vancouver-based gold junior, Lumina Gold (CVE:LUM), closed $20 million to help fund the company's projects in Ecuador.

Lumina had planned to raise $15 million for the work at the start of the month but up-sized the offering due to "positive institutional and retail demand."

The financing was arranged by a syndicate of agents, co-led by Raymond James Ltd. and Haywood Securities Inc.

Lumina updated its Cangrejos Gold-Copper project, located in El Oro Province of southern Ecuador at the start of the month. Contained gold was increased from 4.0 to 8.8 million ounces at a grade of 0.65 grams per tonne.

Lumina president, Marshall Koval, plans to advance the project to a preliminary economic assessment in 2018.

“We are extremely pleased to see a significant increase in the scale of the deposit and an increase in the grade," says Koval in a news release.

"Both of these factors will contribute positively to the Preliminary Economic Assessment planned for completion mid-next year. This resource estimate will serve as the basis for the assessment. Drilling in early 2018 will further delineate priority open areas of the Cangrejos deposit.”