#Mining #Stock Aurcana (TSXV: $AUN.V) (OTC: $AUNFF)
Announces Pending Closing of Previously Announced Non-Brokered Private
Placement with Lead Order from Palisades Goldcorp; @AurcanaC
Oversubscribed Placement of up to C$34.5 Million
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
VANCOUVER, British Columbia - January 27, 2021 (Investorideas.com Newswire) Aurcana SILVER Corporation ("Aurcana" or the "Company") (TSXV: AUN) is pleased to announce the closing of the non-brokered private placement offering (the "Private Placement") announced on January 6, 2021, subject to receipt of approval from the TSX Venture Exchange. The Private Placement was significantly oversubscribed and Aurcana elected to increase the size of the Private Placement to up to 34,500,000 Units (C$34,500,000) at a price of C$1.00 per Unit (the "Units"). Palisades Goldcorp Ltd. participated with a lead order of C$5.0 million, marking Palisades Goldcorp's 4th participation as an Aurcana lead order since February 2020. Closing is expected to take place on January 27th or shortly thereafter.
Each
Unit will consist 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$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 (RV) 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.
Finder's
fees of 6% cash and 6% in finder's warrants will be issued as part of the
Private Placement.
The
Units will be issued on a private placement basis pursuant to applicable
exemptions from prospectus requirements under applicable securities laws. The
common shares and Warrants (and any common shares issued pursuant to the
Warrants, as applicable) will be subject to a statutory hold period of four
months and one day from the date of issuance of the Units.
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 Mine, in Colorado, and the Shafter-Presidio
Silver Project in Texas, US. The primary mineral resource at both the
Shafter-Presidio Project and the Revenue Mine 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
inundervalued companies and assets with the goal of generating superior
returns.
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.
Disclaimer/Disclosure: Investorideas.com is a digital
publisher of third party sourced news, articles and equity research as well as
creates original content, including video, interviews and articles. Original content
created by investorideas is protected by copyright laws other than syndication
rights. Our site does not make recommendations for purchases or sale of stocks,
services or products. Nothing on our sites should be construed as an offer or
solicitation to buy or sell products or securities. All investment involves
risk and possible loss of investment. This site is currently compensated for
news publication and distribution, social media and marketing, content creation
and more. Contact each company directly regarding content and press release
questions. Disclosure is posted for each compensated news release, content
published /created if required but otherwise the news was not compensated for
and was published for the sole interest of our readers and followers. More
disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more
about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Aurcana Silver
Corporation is a featured mining company on InvestorIdeas. Please read our full
disclaimer and disclosure regarding specific compensation Additional info
regarding BC Residents: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors
must adhere to regulations of each country. Please read Investorideas.com
privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Aurcana
Silver Corporation (TSXV: AUN) (OTC: AUNFF) is a featured Mining stock on
Investorideas.com
Get more mining stock investor ideas- news, articles, podcasts and stock directories
