Aurcana Corporation Closes Private Placement for Gross Proceeds of $2.74 Million
May 07 2018 - 7:19PM
Aurcana Corporation (TSX Venture:AUN) (“Aurcana” or the “Company”)
is pleased to announce that it has completed a non-brokered private
placement (the “Offering”) as announced on April 27, 2018, and
issued an aggregate of 13,715,400 units (each a “Unit”) at a
purchase price of $0.20 per Unit, raising gross proceeds of
$2,743,080. Each Unit consists of one common share (a “Common
Share”) and one transferable common share purchase warrant (a
“Warrant”) of Aurcana. Each Warrant will be exercisable to acquire
one additional Common Share at an exercise price of $0.30 until May
3, 2021.
Aurcana agreed to paid cash finder’s fees to
arm’s length parties totaling $92,480, and agreed to issue an
aggregate of 472,400 non-transferable common share purchase
warrants to finders, having the same terms as the Warrants issued
in the Offering.
All securities issued in the Offering are
subject to a hold period of four months, expiring September 3,
2018.
The net proceeds of the Offering will be used
for the exploration and development of the Shafter Silver Project
in Texas and for general working capital purposes.
ABOUT AURCANA
CORPORATIONAurcana Corporation owns the Shafter Silver
Project in Texas, U.S.A. The Shafter Silver Project was put
on care and maintenance in December of 2013, in part due to
depressed silver prices.
Aurcana Corporation owns the Shafter Silver
Project in Texas, US. The Shafter Silver Project was put on care
and maintenance in December 2013. For more information, including a
current Preliminary Economic Assessment go to the website at
www.aurcana.com or the company’s disclosure documents housed at
www.sedar.com.
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 CorporationPhone: (604) 331-9333
Gary Lindsey, Corporate CommunicationsPhone:
(720)-273-6224Email: gary@strata-star.com
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.
CAUTIONARY NOTESThis 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 the anticipated future results of mining activities on
the Shafter property, including economic results thereof.
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 result of drilling and exploration activities, that
contracted parties provide goods and/or services on the agreed
timeframes, risks related to future metals prices, that equipment
necessary for exploration is available as scheduled and does not
incur unforeseen break downs, that no labour shortages or delays
are incurred, that plant and equipment function as specified, that
no unusual geological or technical problems occur, and that
laboratory and other related services are available and perform as
contracted.
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.
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