#Mining #Stock News:
Aurcana (TSXV: $AUN.V) (OTC: $AUNFF) Closes Previously Announced Non-Brokered
Unit Private Placement for a Total of C$9.664 Million; @AurcanaC
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia - October 26, 2021 (Investorideas.com Newswire) AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to announce that the previously announced (October 20, 2021) private placement offering (the "Private Placement") of units has closed. Aurcana closed on the sale of 13,806,072 Units for gross proceeds of C$9,664,250.
Read this news featuring AUN in full at https://www.investorideas.com/CO/AUN/news/2021/10261Closed-Private-Placements.asp
Each
unit ("Unit") is priced at C$0.70 and consists of one common share of
the Company and one full common share purchase warrant ("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, ("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 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER
CORPORATION
"Kevin Drover"
President & CEO
For further information, visit the website at www.aurcana.com or contact:
Aurcana Corporation
850 - 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333
Gary
Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY NOTES
This press release contains forward looking statements within
the meaning of applicable securities laws. The use of any of the words
"anticipate", "plan", "continue",
"expect", "estimate", "objective",
"may", "will", "project", "should",
"predict", "potential" and similar expressions are intended
to identify forward looking statements. In particular, this press release
contains forward looking statements concerning, without limitation, statements
relating to the Private Placement (including with respect to the timing of
closing of the Private Placement). Although the Company believes that the
expectations and assumptions on which the forward looking statements are based
are reasonable, undue reliance should not be placed on the forward looking
statements because the Company cannot give any assurance that they will prove
correct. Since forward looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a number of
assumptions, factors and risks. These assumptions and risks include, but are
not limited to, assumptions and risks associated with the receipt of regulatory
or shareholder approvals, and risks related to the state of financial markets
or future metals prices.
Management has provided the above summary of risks and
assumptions related to forward looking statements in this press release in
order to provide readers with a more comprehensive perspective on the Company's
future operations. The Company's actual results, performance or achievement
could differ materially from those expressed in, or implied by, these forward
looking statements and, accordingly, no assurance can be given that any of the
events anticipated by the forward looking statements will transpire or occur,
or if any of them do so, what benefits the Company will derive from them. These
forward looking statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company disclaims any
intent or obligation to update publicly any forward looking statements, whether
as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Aurcana
Silver Corporation (TSXV: AUN) (OTC: AUNFF) is a featured Mining stock on
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