- Aurcana Silver (AUN) has announced a non-brokered private placement of units for gross proceeds of $9.723M
- Aurcana subsidiary, Rio Grande Mining Co. has announced a non-brokered private placement of a secured convertible debenture in the sum of $5.5M
- The net proceeds of both placements will provide additional contingency funding for the restart of the Revenue Virginius Mine
- Aurcana owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas
- Aurcana Silver Corporation (AUN) opened trading at C$0.69 per share
Aurcana Silver (AUN) has announced a non-brokered private placement of units for gross proceeds of $9.723M.
The company will issue 13,891,072 units priced at C$0.70 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one common share at a price of C$0.90 for a period of 36 months following the closing of the placement.
Aurcana’s wholly-owned subsidiary, Rio Grande Mining Co. has signed a subscription for a non-brokered private placement offering of a secured convertible debenture in the sum of $5.5M.
The debenture will have a maturity date of four years from closing and shall bear interest at a rate of 5.75 per cent per annum, payable semi-annually. The principal sum of the debenture, or any portion thereof, may be converted by the holder into shares at a conversion price of C$0.74. per share.
The closure of both private placements is subject to the approval of the TSXV.
The net proceeds of both placements will provide additional contingency funding for the restart of the Revenue Virginius (RV) Mine as well as funding for growth of the resource base at the RV Mine. 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.
Finder’s fees to third parties may be paid.
Aurcana owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US.
Aurcana Silver Corporation (AUN) opened trading at C$0.69 per share.