Aurcana Announces Completion of Issuance of Debt Settlement Shares Under Amended Credit Facility Agreement
10 May 2014 - 2:02AM
Marketwired
Aurcana Announces Completion of Issuance of Debt Settlement Shares
Under Amended Credit Facility Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2014) -
Aurcana Corporation ("Aurcana" or the "Company")
(TSX-VENTURE:AUN)(OTCQX:AUNFF) is pleased to announce that further
to its press release dated April 30, 2014, it has received
regulatory acceptance to the issuance of the balance of 10,081,252
common shares (the "Settlement Shares") pursuant to the terms and
conditions of the amended and restated credit facility agreement
(the "Amended Credit Facility Agreement") dated April 29, 2014 with
Orion Mine Finance (Master) Fund I LP (the "Lender"), an affiliate
of Orion Mine Finance Group.
Together with the
6,418,249 common shares issued to the Lender on April 30, 2014,
Aurcana has now issued an aggregate of 16,499,501 common shares of
the Company to the Lender at a deemed issue price of US$0.62 or
Cdn$0.69, in consideration for reducing the principal amount
outstanding under the original loan with an affiliate of Orion Mine
Finance Group and terminating the Shafter Mine silver and gold
offtake agreement.
The Settlement
Shares are subject to a hold period under applicable securities
laws expiring on September 9, 2014 and have been deposited in
escrow pursuant to the terms of a voluntary escrow agreement, to be
released in quarterly instalments over a period of 12 months from
closing, subject to earlier release in certain circumstances.
About Aurcana
Corporation
Aurcana Corporation
is a primary silver producing company with two properties: the La
Negra Mine in Mexico and the Shafter Mine in Texas, US. The latter
was put on care and maintenance in December 2013, in part due to
depressed silver prices. The Company continues to plan further
expansion at its La Negra Mine and to focus on surface exploration
on its extensive land holdings in the Maconi Mining District.
About Orion Mine
Finance
Orion Mine Finance
provides flexible financing solutions to mining companies in the
precious and base metals sectors for the purposes of developing,
constructing, expanding or acquiring mining projects. Orion Mine
Finance has approximately $1.15 billion under management, dedicated
exclusively to the mine finance business.
Orion Mine Finance
operates across the global metals industry with offices in New
York, Denver, Sydney and Bermuda. Investors in Orion Mine Finance
include college endowments, foundations, family offices, pensions
and other institutional investors. For additional information about
Orion Mine Finance, please visit www.orionminefinance.com.
Corporate
The Company's shares
are also traded in the United States on 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.
Lenic Rodriguez,
President & CEO
AURCANA
CORPORATION
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.
This news
release contains certain forward-looking statements, including
statements regarding the Company's obligations under the Amended
Credit Facility Agreement, future plans and objectives of the
Company and the business and anticipated financial performance of
the Company.
Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or does not expect", "is expected",
anticipates" or "does not anticipate" "plans", "estimates" or
"intends" or stating that certain actions, events or results "
may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements are
subject to a variety of risks and uncertainties which could cause
actual events or results to materially differ from those reflected
in the forward-looking statements.
Actual results
may differ materially from results contemplated by the
forward-looking statements. Important factors that could differ
materially from the Company's expectations include, among others,
risks related to international operations, unsuccessful exploration
results, the ability of suppliers to provide equipment, the
availability of skilled labour, conclusions of economic evaluations
and changes in project parameters as plans continue to be refined
as well as changes in metal prices, changes in the availability of
funding for mineral exploration and development, unanticipated
changes in key management personnel and general economic
conditions. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and should not place
undue reliance on such forward-looking statements. The Company does
not undertake to update any forward-looking statements, oral or
written, made by itself or on its behalf, except as required
pursuant to applicable securities laws. Accordingly, readers should
not place undue reliance on forward-looking statements.
Aurcana CorporationLenic RodriguezPresident & CEO(604)
331-9333 / Toll Free: (866) 532-9333(604)
633-9179ir@aurcana.comwww.aurcana.comStrataStar GroupGary
LindseyInvestor Relations720-273-6224gary@strata-star.com
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