AURCANA CORPORATION (TSX-V: AUN) is pleased to announce the completion of the first closing of the previously announced (February 13, 2020) non-brokered private placement offering targeting 18,181,818 Units (C$4,000,000) at a price of C$0.22 per Unit. Aurcana sold 15,108,097 Units for gross proceeds of C$3,323,781.34 in the first closing of the Private Placement.
Each Unit consists of one common share of the Company and one full 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 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.
For the First Closing, the Company paid an aggregate of $139,329.68 in finder’s fees and issued an aggregate of 633,315 agent’s warrants, with each Agent’s warrant entitling the holder thereof to purchase one Common Share at a price of C$0.375 for a period of 36 months from the date of issuance.
The Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants, as applicable) issued in the first tranche are subject to a statutory hold period expiring on June 20, 2020.
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.
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We acknowledge the [financial] support of the Government of Canada.