Luca Mining has secured a $75 million binding equity commitment from Goldgroup Mining to support its pending acquisition of the Cozamin copper-silver mine in Mexico.

The Canadian mining company on Monday said that Goldgroup will take up to a 19.9% strategic stake in Luca through a 110 million Canadian dollar ($77.8 million) subscription receipt offering, which replaces a backstop previously provided by Trafigura.

Luca said the financing provides capital for its recent $290 million upfront purchase of the mine from Capstone Copper and grants Goldgroup two board seats upon closing.

The company has also agreed to acquire the El Barqueno project, a large-scale exploration and development property in Mexico's Jalisco State previously operated by Agnico Eagle.