By Sheri Kasprzak
New York, Feb. 28 - Aurcana Corp. said it has arranged a non-brokered private placement for up to C$4.5 million and at least C$2.5 million.
The company plans to sell up to 22.5 million units and a minimum of 12.5 million units at C$0.20 each.
Each unit consists of one share and one half-share warrant. The whole warrants are exercisable at C$0.25 each for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.45 for more than 20 consecutive trading days.
Proceeds will be used for the acquisition of the La Negra mine in Mexico, for working capital and for general corporate purposes.
Vancouver, B.C.-based Aurcana is a mineral exploration company.
| Issuer: | Aurcana Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4.5 million (maximum), C$2.5 million (minimum)
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| Units: | 22.5 million (maximum), 12.5 million (minimum)
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.25
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 27
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| Stock symbol: | TSX Venture: AUN
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| Stock price: | C$0.25 at close Feb. 27
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