Temporary setback for AUNFF!
Aurcana Announces Listing of Warrants on TSX Venture Exchange
Aurcana Corporation (TSX VENTURE:AUN)(OTCQX:AUNFF) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Aurcana Corporation (the "Company") is pleased to announce that 26,426,500
common share purchase warrants of the Company (the "Warrants") will commence
trading on the TSX Venture Exchange at the opening of the markets on March 30,
2012 under the trading symbol "AUN.WT".
The Warrants were issued as part of a brokered private placement offering (the
"Offering") which closed on November 29, 2011 of approximately 53 million units
(each, a "Unit") at a price of $0.65 per Unit for aggregate gross proceeds to
the Company of approximately $34.4 million. The Offering was conducted through a
syndicate of agents led by RBC Capital Markets and included BMO Capital Markets,
Dundee Securities Ltd. and Stonecap Securities Inc.
Each Unit consisted of one common share in the capital of the Company and
one-half of one Warrant. Each full Warrant entitles the holder, on exercise, to
purchase one additional common share of the Company at a price of $1.00 until
5:00 p.m. (Vancouver time) on November 29, 2013. The Warrants are governed by
the terms and conditions of a warrant indenture dated as of November 29, 2011
between the Company and Equity Financial Trust Company.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States. The offer and sale of the
Warrants or the securities underlying the Warrants has not been and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws. The offer and sale of the
Warrants in the United States was conducted in a private placement in reliance
on Rule 506 of Regulation D, promulgated under the U.S. Securities Act. The
Warrants sold to U.S. Persons (as that term is defined in Rule 902(k) of
Regulation S, promulgated under the U.S. Securities Act ("Regulation S")) and
shares of common shares underlying the Warrants sold to U.S. Persons may not be
reoffered or resold except (i) pursuant to an effective registration statement
under the U.S. Securities Act (ii) pursuant to the safe harbor from the
registration requirements of the U.S. Securities Act provided by Rule 904 of
Regulation S or (iii) pursuant to another applicable exemption from the
registration requirements of the U.S. Securities Act.
Corporate
The Company's common shares trade in Canada on the TSX Venture Exchange under
the symbol "AUN" and in the United States on the OTCQX under the symbol "AUNFF".
Investors can find current financial disclosure and Real-Time Level 2 quotes for
the Company on www.otcqx.com and www.otcmarkets.com.
About Aurcana Corporation
The Company's management projects that the Shafter Silver Mine will produce 3.8
million ounces of silver in the first full year of operation. It has an NI
43-101 Measured and Indicated Resource of 24.6 million ounces of silver and an
Inferred Resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut
off. The 99.9% owned La Negra silver-lead-zinc-copper mine produced over 1
million ounces of contained silver in 2011.
The reader should be cautioned that the Company has not completed a feasibility
study to confirm the projected production capacity for La Negra and there is no
certainty the Company's plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
For further information, visit the website at www.aurcana.com.
Sentiment : Hold
