C$660,000 greenshoe fully exercised, deal funds equipment acquisition
By Devika Patel
Knoxville, Tenn., June 20 – Aurcana Corp. said it completed a C$5.06 million fully subscribed private placement of units. The deal was conducted by underwriter Dundee Securities Ltd. and priced for C$5.2 million with a C$780,000 greenshoe on April 29. The sale was revised to raise C$4.4 million with a C$660,000 greenshoe on June 5
The company sold 9.2 million units of one common share and one warrant at C$0.55 per unit. Of the units, 1.2 million were part of the fully exercised greenshoe.
Each warrant is exercisable at C$0.80 for three years. The strike price reflects an 11.11% premium to the April 28 closing share price of C$0.72. The warrants were originally exercisable at C$0.90 for two years.
Proceeds will be used to acquire mining equipment at the La Negra mine, for exploration drilling at the La Negra property and for general working capital purposes.
Aurcana is a Vancouver, B.C., silver and base metals producer.
| Issuer: | Aurcana Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.06 million, including C$660,000 greenshoe
|
| Units: | 9.2 million
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.80
|
| Underwriter: | Dundee Securities Ltd.
|
| Pricing date: | April 29
|
| Amended: | June 5
|
| Settlement date: | June 20
|
| Stock symbol: | TSX Venture: AUN
|
| Stock price: | C$0.72 at close April 28
|
| Market capitalization: | C$42.64 million
|
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