Vancouver, B.C., February 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”, President & CEO
For further information, visit the website at www.aurcana.com or contact:
Phone: (604) 331-9333
Gary Lindsey, Corporate Communications
Neither 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.
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 the anticipated use of the net proceeds of the Offering. 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 result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, risks related to future metals prices, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
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.