AURCANA CORPORATION (TSX-V: AUN) is pleased that further to its News Release issued April 15th, 2020, it has now closed a private placement of 9,337,407 units at a price of C$0.27 per unit, to raise total proceeds of C$2,521,100.
Each unit consists of one common share of the Company and one full common share purchase warrant, with each Warrant entitling the holder thereof to purchase one common share at a price of C$0.35 for a period of 36 months, 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 posted 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.
The Company paid an aggregate of C$144,543 in finder’s fees and issued an aggregate of 535,344 agent’s Warrants, with each agent’s warrant entitling the holder thereof to purchase one Common Share at a price of C$0.35 for a period of 36 months.
The Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants, as applicable) are subject to a statutory hold period expiring on August 18, 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.