LKA Gold Insiders Increase Holdings During First Quarter 2017
GIG HARBOR, Wash., March 24, 2017 /PRNewswire/ -- LKA Gold Inc. (OTCQB: LKAI) reports that through a series of transactions, the Company's three largest shareholders increased their holdings and added liquidity for operations during February and March. The transactions are briefly described as follows:
Koski Family Limited Partnership ("KFLP") subscribed for another $150,000 in LKA's 7.5% Convertible Debentures ("Debentures") during March. Koski investment in LKA Debentures, including investments by certain Koski family members individually, totals $400,000. Since August of 2014, KFLP and Koski family members have made direct investments in LKA, and/or its affiliates, of $2.8 million not including open-market share purchases or off-market transactions with unaffiliated shareholders. KFLP and Koski family members are LKA's largest debenture holders and shareholders.
Caldera Partners Limited Partnership subscribed for $50,000 in Debentures during March. This brings Caldera's total investment in LKA to approximately $1.65 million. Caldera is LKA's second largest shareholder.
Kye Abraham individually and Abraham & Co., (a FINRA member Broker Dealer) collectively ("Abraham") were LKA's largest creditors at December 31, 2016. During February and March 2017, Abraham exchanged its right to receive certain payments totaling $175,500 (LKA current payables) for Debentures valued at $150,000 and 56,818 shares of LKA restricted, common stock valued at $25,500 ($.45 per share). These LKA payables were comprised of 2016 officer's salary and administrative expenses. Abraham is LKA's third largest shareholder.
Further details and description of the above transactions will be reported in LKA's 10-Q dated March 30, 2017.
Safe Harbor Statement
LKA's plans to resume commercial gold production at its Golden Wonder mine are subject to a number of conditions including, but not limited to, favorable geology, successful exploration efforts, favorable financing terms/availability, permits, gold prices, market conditions, etc. Mining and related activities are inherently high-risk endeavors and there can be no assurance that LKA will be successful. This press release contains certain forward-looking statements. Statements contained in this press release that are not purely historical are considered forward-looking. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend," "potential," "possible," "approximate," "expect," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding LKA Gold's future plans for exploration and/or production, future expenses and costs, future liquidity and capital resources, and estimates of ore, ore grades and mineralized material. All forward-looking statements in this press release are based upon information available to LKA Gold on the date of this press release and the Company assumes no obligation to update any such statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's reports filed with the Securities and Exchange Commission.
Company Contact
LKA Gold Inc.
Kye Abraham
(253) 514-6661
info@lkagold.com
http://lkagold.com
Investor Contact
Riverview Capital Enterprises
Jonathan Barkman, President
(929) 266-6140
Jonathan@riverviewcapital.biz
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SOURCE LKA Gold Inc.