Aurcana Announces Non-Brokered Private Placement Targeting C$5m (up to a Maximum of C$10m)
August 12 2019 - 9:01AM
AURCANA CORPORATION ("Aurcana" or the "Company") (TSXV: AUN)
is pleased to announce a non-brokered private placement offering
(the “Private Placement”) targeting 20,000,000 Units (C$5,000,000)
at a price of C$0.25 per Unit (the “Units”). The maximum size of
the Private Placement would be up to 40,000,000 Units
(C$10,000,000).
Each Unit will consist of one common share of
the Company (each, a “Common Share”) and one full common share
purchase warrant (each, a “Common Share Purchase Warrant”). Each
Common Share Purchase Warrant will enable the holder to purchase
one Common Share at a price of C$0.375 for a period of 36 months
following the closing of the Private Placement, subject to
adjustment upon certain customary events.
The Private Placement is scheduled to close in
one or more tranches no later than August 30, 2019 and in each case
subject to certain conditions including, but not limited to, the
receipt of approval of the TSX Venture Exchange.
The net proceeds of the Private Placement will
be used to continue to execute the Company’s corporate vision,
previously announced on June 19, 2019 and recently updated on its
website www.aurcana.com, which is primarily focused on advancing
its wholly-owned Revenue-Virginius Silver Mine located in Ouray,
Colorado, as well as for working capital and general and
administrative expenses. Finder’s fees to third parties may be paid
in certain circumstances as part of the Private Placement.
Pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
(“MI 61-101”), the Private Placement constitutes a "related party
transaction" as insiders of the Company are expected to subscribe
for Units. These transactions will be exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101, as the fair market value of any Units subscribed for by
insiders pursuant to the Private Placement will not exceed 25% of
the Company's market capitalization.
The Units will be issued on a private placement
basis pursuant to applicable exemptions from prospectus
requirements under applicable securities laws. The Common Shares
and the Warrants (and any Common Shares issued pursuant to the
Warrants, as applicable) will be subject to a statutory hold period
of four months and one day from the date of issuance.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities in
the United States nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
“1933 Act”), or any state securities laws and may not be offered or
sold in the United States unless registered under the 1933 Act and
any applicable securities laws of any state of the United States or
an applicable exemption from the registration requirements is
available.
ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius
Mine, in Colorado, and the Shafter-Presidio Silver Project in
Texas, US. The primary resource at Shafter and Revenue-Virginius is
silver. Both are fully permitted for production.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA
CORPORATION
“Kevin Drover”, President & CEO
For further information, visit the website at
www.aurcana.com or contact:
Aurcana Corporation850 – 789 West Pender
StreetVancouver, BC V6C 1H2Phone: (604) 331-9333
Gary Lindsey, Corporate CommunicationsPhone:
(720)-273-6224 Email: gary@strata-star.com
CAUTIONARY NOTES
This press release contains forward looking
statements within the meaning of applicable securities laws. The
use of any of the words “anticipate”, “plan”, “continue”, “expect”,
“estimate”, “objective”, “may”, “will”, “project”, “should”,
“predict”, “potential” and similar expressions are intended to
identify forward looking statements. In particular, this press
release contains forward looking statements concerning, without
limitation, statements relating to the Private Placement (including
with respect to the timing of closing of the Private Placement).
Although the Company believes that the expectations and assumptions
on which the forward looking statements are based are reasonable,
undue reliance should not be placed on the forward looking
statements because the Company cannot give any assurance that they
will prove correct. Since forward looking statements address future
events and conditions, they involve inherent assumptions, risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not limited to,
assumptions and risks associated with the receipt of regulatory or
shareholder approvals, and risks related to the state of financial
markets or future metals prices.
Management has provided the above summary of
risks and assumptions related to forward looking statements in this
press release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward looking statements are
made as of the date of this press release, and, other than as
required by applicable securities laws, the Company disclaims any
intent or obligation to update publicly any forward looking
statements, whether as a result of new information, future events
or results or otherwise.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Aurcana Silver (TSXV:AUN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Aurcana Silver (TSXV:AUN)
Historical Stock Chart
From Aug 2023 to Aug 2024