Aurcana Corporation Closes Private Placement for Gross Proceeds of $3.45 Million
TSX VENTURE: AUN
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2017) - Aurcana Corporation (TSX:AUN) ("Aurcana" or the "Company") is pleased to announce that it has completed its non-brokered private placement (the "Offering") announced on February 13, 2017 and increased on February 14, 2017, and issued an aggregate of 11,529,013 units (each a "Unit") at a purchase price of $0.30 per Unit, raising gross proceeds of $3,458,704. Each Unit consists of one common share (a "Common Share") and one transferable common share purchase warrant (a "Warrant") of Aurcana. Each Warrant will be exercisable to acquire one additional Common Share at an exercise price of $0.45 until February 27, 2020.
Aurcana paid cash finder's fees to arm's length parties totaling $186,528, and issued an aggregate of 709,760 non-transferable common share purchase warrants to finders, having the same terms as the Warrants issued in the Offering.
All securities issued in the Offering are subject to a hold period of four months, expiring June 28, 2017.
The net proceeds of the Offering will be used for the exploration and development of the Shafter Project, and for general working capital purposes.
ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Shafter Silver Project in Texas, US. The Shafter Silver Project was put on care and maintenance in December 2013, in part due to depressed silver prices.