New York, Feb. 13 - Aurcana Corp. announced a C$15 million private placement of units, to be sold on a brokered basis via Canaccord Capital Corp. and on a non-brokered basis.
The brokered portion will be for up to C$4 million from 3.2 million units at C$1.25 each. The units are made up of one share and half a warrant. Whole warrants can be exercised for 18 months at C$1.85.
Aurcana will be able to accelerate the warrants if its stock trades at C$3.00 or more for 20 consecutive trading days after four months from closing of the placement.
Canaccord has a greenshoe for a further 800,000 units.
The Vancouver, B.C.-based mining company will also look to raise C$11 million through a best efforts non-brokered placement of up to 8.8 million units at C$1.25 each.
The units have the same terms as in the brokered portion.
Proceeds will be used to develop Aurcana's La Negra Mine located in Queretaro State, Mexico, for identification and execution of acquisitions and to provide general working capital.
| Issuer: | Aurcana Corp.
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| Issue: | Units of stock and 0.5 warrants
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| Amount: | C$15 million (C$4 million brokered, C$11 million non-brokered)
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| Units: | 12 million (3.2 million brokered, 8.8 million non-brokered)
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| Greenshoe: | 800,000 units (brokered only)
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| Price: | C$1.25
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| Warrants: | 0.5 per unit
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| Warrant strike price: | C$1.85
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| Warrant expiration: | 18 months
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| Agent: | Canaccord Capital Corp. (for 3.2 million units)
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| Pricing date: | Feb. 13
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| Stock symbol: | TSX Venture: AUN
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| Stock price: | C$1.50 at close Feb. 13
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