Aurcana receives approval on Penoles' US$500,000 Investment
July 18, 2006
Aurcana Corporation ("Company") is pleased to announce it has received TSX Venture Exchange approval on its non-brokered private placement with Industriales Penoles S.A de C.V. for 1,032,272 common shares ("Shares") at a price of $0.55 per common share (Discounted Market Price) for total proceeds of US$500,000(CDN$567,750).
The Company confirms there are no finders' fees or commissions payable on this financing. The proceeds of the private placement will be used to further develop the La Negra Mine, Mexico, asset acquisition investigations and general working capital.
In accordance with securities legislation currently in effect, the Shares will be subject to a "hold period" of four months plus one day from the date of closing of the private placement.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Terese J. Gieselman", Chief Financial Officer
For further information, please contact:
Terese J. Gieselman, CFO
Phone: (604) 331-9333
Web site: www.aurcana.com
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.