AURCANA CORPORATION (TSX-V: AUN) is pleased to announce the completion of the second and final closing of the previously announced (August 9, 2019) non-brokered private placement offering targeting 20,000,000 Units (C$5,000,000) at a price of C$0.25 per Unit to a maximum size up to 40,000,000 Units (C$10,000,000).
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 from the date of issuance.
In the second closing of the Private Placement, Aurcana sold 17,738,271 Units for gross proceeds of C$4,434,567.75. As announced on August 15, 2019, in the first closing of the Private Placement, Aurcana sold 17,960,924 units for total proceeds of $4,490,231, for a total of 35,699,195 Units under both tranches, raising an aggregate of $8,924,798.75
The Company paid an aggregate of $312,300 in finder’s fees and issued an aggregate of 1,249,200 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 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.
The Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants and Agent’s Warrants, as applicable) issued in the second tranche are subject to a statutory hold period expiring on December 31, 2019.
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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