Aurcana Silver Corp (fka AUNFF)

[basserdan]

Aurcana Silver Provides Corporate Update

V.AUN | 50 minutes ago

VANCOUVER, British Columbia, June 24, 2022 (GLOBE NEWSWIRE) -- AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN; OTC: AUNFF) provides the following update:

As first announced in the press release dated March 21, 2022, and further to the Company’s press releases dated April 11, 2022, May 19, 2022, May 31, 2022, June 3, 2022 and June 20, 2022, certain indirect, wholly owned subsidiaries of Mercuria Energy Group (“Mercuria”) entered into certain standstill and restructuring agreements with Aurcana with effect as of March 8, 2022, which agreements included the grant to Aurcana of a waiver of all current events of default and a standstill agreement (a “Waiver and Standstill) under the Company’s five-year, $28 million term loan (and an associated hedging package) until June 23, 2022 in order to allow Aurcana time to achieve certain conditions precedent. Today, Mercuria and Aurcana have agreed to an extension of the Waiver and Standstill from June 24, 2022 until July 1, 2022.

Aurcana continues to evaluate all available alternatives with respect to refinancing the Company and satisfying the conditions precedents contained in the foregoing restructuring agreements with Mercuria and is continuing to actively pursue multiple financial and strategic alternatives that are in the best interests of the Company and its stakeholders. However, the Company has not made any decisions related to any of the foregoing matters at this time, and there can be no assurance that this evaluation of strategic alternatives will result in any transaction (with Mercuria or otherwise).

The Company also announces that David Kaplan and Elliot Rothstein have resigned as directors of the Company, effective June 23, 2022. The Company wishes to thank Mr. Kaplan and Mr. Rothstein for their contributions to the Company and wishes them well in the future.

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]