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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aurcana Silver Corporation | TSXV:AUN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.015 | 0.01 | 0.015 | 0 | 01:00:00 |
Kevin Drover, CEO of Aurcana, notes, “Once funded, this financing will be the key piece to fully fund the restart of commercial production at the Revenue Mine. Achieving this milestone is the direct result of the hard work of our people, especially our technical team and the workforce on the ground preparing the Revenue Mine for production. We are fortunate to have found a partner in Mercuria who shares our vision of the value of the Revenue Mine and the products it will produce.”
Material terms of the Term Loan include:
The closing and funding of the Term Loan is expected in the fourth quarter of 2020. There is no guarantee the financing on the above terms and conditions will be completed. Roc Global acted as the exclusive financial advisor to Aurcana on this debt financing.
The Company forecasts 6 months to initial production for the Revenue Mine and 9 months to cash flow positive pursuant to the 2018 feasibility study (the “2018 FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) demonstrating an economic viability to restarting of the mine. A copy of the 2018 FS is posted on the Company’s website www.aurcana.com and is also available on the Company’s profile on SEDAR at www.sedar.com.
Qualified Person StatementThe scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101
ABOUT AURCANA SILVER CORPORATION
Aurcana Silver Corporation owns the Revenue Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at both the Shafter-Presidio Project and the Revenue Mine is silver. Both are fully permitted for production.
ABOUT MERCURIA ENERGY GROUP LIMITED
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with cutting-edge technology and unmatched expertise and solutions. Mercuria’s business includes trading flows, strategic assets and structuring activities that generate more than USD 120 billion in turnover. It operates from offices around the world, with a strong presence in the Americas, Asia and Europe. Information on Mercuria can be found on its website at www.mercuria.com.
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 Corporation850 – 789 West Pender StreetVancouver, BC V6C 1H2Phone: (604) 331-9333
Gary Lindsey, Corporate CommunicationsPhone: (720)-273-6224 Email: gary@strata-star.com
CAUTIONARY NOTES
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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