Aurcana Silver Corp (fka AUNFF)

[basserdan]

Aurcana Silver Provides Corporate Update

VANCOUVER, British Columbia, May 19, 2022 (GLOBE NEWSWIRE) -- AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN; OTCQF: AUNFF) provides the following update:

As outlined in the press releases dated April 11, 2022 and dated March 21, 2022, Aurcana continues to evaluate all available alternatives with respect to refinancing the Company and satisfying the conditions precedents contained in the restructuring agreements entered into with subsidiaries of Mercuria Energy Group. The Company is continuing to actively pursue multiple financial and strategic alternatives that are in the best interests of the Company and its stakeholders and has engaged a financial advisor to assist in identifying and analyzing opportunities. Discussions have also been held with certain parties regarding their participation as a lead order for an equity offering. In addition, the Company is also evaluating potential non-dilutive structures and debt refinancing packages and is in active discussions with potential merger partners. The Board and Management remain focused on reaching a full solution to the Company’s financing needs and remain optimistic as to its prospects. However, the Company has not made any decisions related to any of the foregoing strategic alternatives or transactions at this time, and there can be no assurance that this evaluation of strategic alternatives will result in any transaction or change in strategy.

Due to personal health issues, Kevin Drover, President and CEO, has not been readily available for the past few weeks but will have periodic availability and will be more accessible over the coming weeks. Mr. Drover also commented that in light of the recent departure of the Company’s investor relations consultant, “although practically speaking there will be times when we are simply unable to answer all the calls and emails we get, going forward we will endeavor to return to our usual accessibility to our shareholders.”

ABOUT AURCANA SILVER CORPORATION
Aurcana Silver Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION

"Kevin Drover”
President & CEO

For further information, visit the website at www.aurcana.com
or contact:
Aurcana Silver Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: [phone]

https://stockhouse.com/news/press-releases/2022/05/19/aurcana-silver-provides-corporate-update