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  • Aurcana Silver (AUN) has closed its private placement offering for gross proceeds of $9,664,250
  • The company issued 13,806,072 units priced at $0.70 per unit
  • Proceeds will provide additional contingency funding for the restart of the company’s wholly-owned Revenue Virginius (RV) Mine
  • The private placement of a secured convertible debenture in the sum of $5.5M is expected to close by mid-November
  • Aurcana owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas
  • Aurcana Silver Corporation (AUN) is down 1.54 per cent, trading at C$0.64 per share at 3 pm ET

Aurcana Silver (AUN) has closed its previously announced private placement offering.

The company issued 13,806,072 units for gross proceeds of $9,664,250.

Each unit, priced at $0.70, consists of one common share and one full common share purchase warrant. Each warrant entitling the holder to purchase one common share at a price of C$0.90 for a period of 36 months from the date of issuance.

Proceeds will provide additional contingency funding for the restart of the company’s wholly-owned Revenue Virginius (RV) Mine as well as funding for growth of the resource base at the RV Mine. Net 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.

The company paid an aggregate of C$518,115 in finder’s fees and issued 740,164 agent’s warrants.

Shares and warrants issued during the placement are subject to a statutory hold period expiring on February 23, 2022.

The previously announced private placement of a secured convertible debenture in the sum of $5.5M through the company’s wholly-owned subsidiary, Rio Grande Mining Co. is expected to close by mid-November.

Aurcana Silver Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas.

Aurcana Silver Corporation (AUN) is down 1.54 per cent, trading at C$0.64 per share at 3 pm ET.

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