AURCANA SILVER CORPORATION (TSX-V: AUN) is pleased to announce that the previously announced (January 6, 2021 and January 27, 2021) private placement offering of units has closed. Aurcana closed on the sale of 33,406,363 Units for gross proceeds of C$33,406,363. Palisades Goldcorp Ltd. participated with a lead order of C$5.0 million, marking Palisades Goldcorp’s 4^th participation as an Aurcana lead order since February 2020.

Each unit is priced at C$1.00 and 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$1.25 for a period of 36 months from the date of issuance.

The net proceeds of the Private Placement will provide contingency funding for the restart of the Company’s wholly owned Revenue Virginius Mine and will also support the examination of value creation opportunities on multiple fronts. Areas of focus will include the growth of the resource base at the RV Mine which may enable the Company to scale up future production volumes, as well as opportunities for strategic consolidation in the RV Mine district. Net proceeds will also be used for working capital and general and administrative expenses, including but not limited to potential opportunities to accelerate its wholly owned Shafter Project.

The Company paid an aggregate of C$895,200 in finder’s fees and issued an aggregate of 886,530 agent’s Units, as well as 1,612,770 agent’s warrants, with each Agent’s Warrant entitling the holder thereof to purchase one Common Share at a price of C$1.25 for a period of 36 months from the date of issuance.

The Private Placement 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 May 28, 2021.

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-Viriginius is silver. Both are fully permitted for production.

About Palisades Goldcorp

Palisades Goldcorp is Canada’s resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.