AURCANA SILVER CORPORATION (TSX-V: AUN) is pleased to announce that the previously announced (October 20, 2021) private placement offering of units has closed. Aurcana closed on the sale of 13,806,072 Units for gross proceeds of C$9,664,250.
Each unit is priced at C$0.70 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$0.90 for a period of 36 months from the date of issuance.
The net proceeds of the Private Placement will provide additional contingency funding for the restart of the Company’s wholly-owned Revenue Virginius (RV) Mine as well as funding for growth of the resource base at the RV Mine which may enable the Company to grow future production volumes. Net proceeds will also be used for working capital and general and administrative expenses including potential opportunities to advance its wholly owned Shafter Project in light of the current silver price.
The Company paid an aggregate of C$518,115 in finder’s fees and issued an aggregate of 740,164 agent’s warrants, with each Agent’s Warrant entitling the holder thereof to purchase one Common Share at a price of C$0.90 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 February 23, 2022.
The previously announced (October 20, 2021) private placement of a secured convertible debenture in the sum of $5.5 Million through the Company’s wholly-owned subsidiary, Rio Grande Mining Co. is expected to close by mid-November.
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 SILVER CORPORATION
Aurcana Silver 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.
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We acknowledge the [financial] support of the Government of Canada.