|By Marketwired .||
|May 9, 2014 12:03 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/14 -- 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.
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
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.
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