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Aurcana Silver Corporation (AUN.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.8100-0.0400 (-4.71%)
As of 2:48PM EDT. Market open.
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Previous Close0.8500
Open0.8700
Bid0.8000 x 0
Ask0.8200 x 0
Day's Range0.8100 - 0.8800
52 Week Range0.1500 - 1.0500
Volume359,924
Avg. Volume700,239
Market Cap172.229M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.0590
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Aurcana Announces Receipt of Credit Approval for US$28M Term Loan to Restart the Revenue-Viriginius Mine
    GlobeNewswire

    Aurcana Announces Receipt of Credit Approval for US$28M Term Loan to Restart the Revenue-Viriginius Mine

    VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) -- AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to announce that it has received credit approval for a US$28 million dollar project financing facility to fund the restart of Aurcana’s wholly owned Revenue-Virginius mine (the “Revenue Mine”) located in Ouray, Colorado. The lender under the facility will be an indirect, wholly owned subsidiary of Mercuria Energy Group Limited (“Mercuria”). The financing will be in the form of a secured term loan (“Term Loan”). Mercuria will also provide the Revenue Mine with a hedging program against approximately 29% of its anticipated production profile over the first five years. Mercuria has completed technical due diligence and the parties have executed an approved term sheet for the Term Loan that is subject to final legal due diligence and completion of mutually acceptable documentation. Kevin Drover, CEO of Aurcana, notes, “Once funded, this financing will be the key piece to fully fund the restart of commercial production at the Revenue Mine. Achieving this milestone is the direct result of the hard work of our people, especially our technical team and the workforce on the ground preparing the Revenue Mine for production. We are fortunate to have found a partner in Mercuria who shares our vision of the value of the Revenue Mine and the products it will produce.”Material terms of the Term Loan include: * Senior security on the Revenue Mine with a corporate guarantee from Aurcana * $28 million financing disbursed as a lump sum at Closing * 60 month term, with a 12 month grace period with equal quarterly amortization thereafter; repayable in full at any time with a minimum 12 month interest make whole. * Interest rate of USD 3M LIBOR + 14% dropping to USD 3M LIBOR + 10.5% after three (3) consecutive months of production in excess of 400 wet tons per month of lead concentrate (the target run rate under the 2018 feasibility study). Interest is payable quarterly in arrears. * Customary representations, warranties, affirmative and negative covenants, events of default, and closing conditions The closing and funding of the Term Loan is expected in the fourth quarter of 2020. There is no guarantee the financing on the above terms and conditions will be completed. Roc Global acted as the exclusive financial advisor to Aurcana on this debt financing.The Company forecasts 6 months to initial production for the Revenue Mine and 9 months to cash flow positive pursuant to the 2018 feasibility study (the “2018 FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) demonstrating an economic viability to restarting of the mine. A copy of the 2018 FS is posted on the Company’s website www.aurcana.com and is also available on the Company’s profile on SEDAR at www.sedar.com.Qualified Person Statement The scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101ABOUT AURCANA SILVER CORPORATIONAurcana Silver Corporation owns the Revenue Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at both the Shafter-Presidio Project and the Revenue Mine is silver. Both are fully permitted for production.ABOUT MERCURIA ENERGY GROUP LIMITEDFounded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with cutting-edge technology and unmatched expertise and solutions. Mercuria’s business includes trading flows, strategic assets and structuring activities that generate more than USD 120 billion in turnover. It operates from offices around the world, with a strong presence in the Americas, Asia and Europe. Information on Mercuria can be found on its website at www.mercuria.com.ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION“Kevin Drover” President & CEOFor further information, visit the website at www.aurcana.com or contact:Aurcana Corporation 850 – 789 West Pender Street Vancouver, BC V6C 1H2 Phone: (604) 331-9333Gary Lindsey, Corporate Communications Phone: (720)-273-6224 Email: gary@strata-star.comCAUTIONARY NOTESThis press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.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.

  • GlobeNewswire

    Aurcana Announces Name Change and Continuation Into British Columbia

    VANCOUVER, British Columbia, Aug. 18, 2020 (GLOBE NEWSWIRE) -- AURCANA CORPORATION ("Aurcana" or the "Company") (TSXV: AUN) is pleased to announce that effective at the open of trading on August 24, 2020 it will be changing its name to Aurcana Silver Corporation. Concurrently with the change of name, Aurcana will be continuing its incorporation into the Province of British Columbia. Aurcana’s trading symbol will be unchanged as AUN and the new CUSIP number is 051918803. The change in name and the continuation were both previously approved by shareholders of Aurcana pursuant to special resolutions passed at an annual general and special meeting of Aurcana held on June 27, 2017. Common share certificates bearing the previous company name “Aurcana Corporation” continue to be valid in the settlement of trades in common shares. There is no consolidation or change in the share capital of the Company. Shareholders are not required to transfer existing share certificates into the new name. ABOUT AURCANA CORPORATIONAurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION“Kevin Drover” President & CEOFor further information, visit the website at www.aurcana.com or contact:Aurcana Corporation 850 – 789 West Pender Street Vancouver, BC V6C 1H2 Phone: (604) 331-9333Gary Lindsey, Corporate Communications Phone: (720)-273-6224 Email: gary@strata-star.comCAUTIONARY NOTESThis press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.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.

  • GlobeNewswire

    Aurcana Closes Second and Final Tranche of Previously Announced Non-Brokered Private Placement for a Total of C$12,275,700

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 28, 2020 (GLOBE NEWSWIRE) -- AURCANA CORPORATION ("Aurcana" or the "Company") (TSXV: AUN) is pleased to announce that the second and final tranche of the previously announced (July 14, 2020 and July 20, 2020) private placement offering (the “Private Placement”) of Units (as defined below) has closed. Aurcana closed on the sale of an additional 2,762,000 Units in the second and final tranche of the Private Placement (the “Second Closing”) for gross proceeds of C$1,381,000.  Together with the first tranche, Aurcana closed on the sale of an aggregate of 24,551,400 Units for gross proceeds of C$12,275,700.   Each Unit is priced at C$0.50 and consists of one common share of the Company and one full common share purchase warrant (“Warrant”), with each Warrant entitling the holder thereof to purchase one common share at a price of C$0.75 for a period of 36 months following the closing of the Private Placement, subject to adjustment upon certain customary events.The Company intends to use net proceeds of the Private Placement to continue to execute the Company’s corporate vision, previously announced on June 19, 2019 and posted on its website www.aurcana.com, which is primarily focused on advancing its wholly-owned Revenue-Virginius Silver Mine located in Ouray, Colorado, as well as for working capital and general and administrative expenses. In addition to supporting the ongoing underground development in the Virginius North area of the mine the net proceeds are expected to be targeted toward placing orders for long lead time equipment and completing the rehabilitation of the emergency escapeway to remove these items from the critical path of the restart schedule, each of which will also directly reduce future capital requirements to complete the restart.The Company paid an aggregate of C$547,920 in finder’s fees and issued an aggregate of 1,095,840 agent’s warrants, (“Agent’s Warrants”) with each Agent’s Warrant entitling the holder thereof to purchase one Common Share at a price of C$0.50 for a period of 36 months from the date of issuance.The Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants, as applicable) issued in the Second Closing are subject to a statutory hold period expiring on November 29, 2020.This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.ABOUT AURCANA CORPORATIONAurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US.  The primary mineral resource at Shafter and Revenue-Virginius is silver.  Both are fully permitted for production.ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION“Kevin Drover” President & CEOFor further information, visit the website at www.aurcana.com or contact:Aurcana Corporation 850 – 789 West Pender Street Vancouver, BC V6C 1H2 Phone: (604) 331-9333Gary Lindsey, Corporate Communications Phone: (720)-273-6224 Email: gary@strata-star.comCAUTIONARY NOTESThis press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.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.