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Aurcana Closes $5,060,000 Equity Financing

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Aurcana Closes $5,060,000 Equity Financing






Aurcana Corporation (TSX-V:AUN) (OTCQX:AUNFF) is pleased to announce that it has closed its previously announced private placement. The Offering was fully subscribed and the over-allotment option was exercised in full. The Company issued an aggregate of 9,200,000 units of the Company at a purchase price of Cdn$0.55 per Unit for gross proceeds to the Company of Cdn$5,060,000. Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to purchase an additional common share of the Company at an exercise price of Cdn$0.80 per Warrant Share for a period of 36 months from the closing of the Offering.

Dundee Securities Ltd. acted as the underwriter for the Offering. The Company paid to the Underwriter a commission of 6% of the gross proceeds of the Offering which was paid by the issuance of an aggregate of 532,908 Units. In addition, the Company issued to the Underwriter a compensation warrant which entitles the Underwriter to purchase up to 532,908 common shares of the Company (equal to 6% of the number of Units sold under the Offering), exercisable at the Purchase Price for a period of 24 months from the Closing.

All securities issued in connection with the Offering are subject to a hold period under applicable Canadian securities laws expiring four months and one day following the issuance of the securities.

The net proceeds from the Offering will be used for the acquisition of mining equipment at the La Negra mine, exploration drilling at the La Negra property and for general working capital purposes.

The offer and sale of the securities offered in the Offering has not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.

About Aurcana Corporation

Aurcana Corporation is a primary silver producing company with two properties: the La Negra Mine in Mexico and the Shafter project in Texas, US. The latter was put on care and maintenance in December 2013, in part due to depressed silver prices. The Company continues to plan further expansion at its La Negra Mine and to focus on surface exploration on its extensive land holdings in the Maconi Mining District.

Posted June 23, 2014

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