Aurcana Announces C$25 Million Marketed Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aurcana Corporation ("Aurcana" or the "Company") announced today that it intends to sell C$25 million dollars of units (each, a "Unit"), each Unit to consist of one common share in the capital of the Company and one half of one common share purchase warrant (a "Warrant") by way of private placement (the "Offering"). The Offering will be conducted through a syndicate of agents (the "Agents") led by RBC Capital Markets and includes Dundee Securities Ltd. and Stonecap Securities Inc. The Offering will be carried out on a best efforts basis with pricing and terms of the Units to be determined in the context of the market, to be announced in a subsequent news release. In addition, the Company will grant to the Agents an option, exercisable in whole or in part at any time up to 48 hours prior to closing of the Offering, to offer an additional number of Units representing 15% of the Offering, on the same terms as the Offering.
The proceeds of the Offering will be used to complete the ongoing construction of the Shafter mine, mill expansion at the La Negra mine and for general corporate purposes and working capital.
Aurcana's CEO and President Lenic Rodriguez stated, "We are pleased with the announcement of this financing that will allow Aurcana to complete construction of the Shafter mine and continue the expansion of the La Negra mill. The Company greatly looks forward to making its transition from a junior to mid-tier producer upon the completion of Shafter in May 2012."
The Offering is subject to certain customary closing conditions, including but not limited to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All securities of the Company issued in connection with the Offering will be subject to a hold period in Canada of four months and one day from the date of issuance of the securities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States..
tmx.quotemedia.com |
