By Laura Lutz
Des Moines, Feb. 15 - Aurcana Corp. increased the size of its previously announced non-brokered private placement of units to C$16 million from C$11 million. Its brokered private placement is unchanged at C$4 million.
In the non-brokered deal, the company plans to sell up to 12.8 million units of one share and one half-share warrant at C$1.25 per unit. Each whole warrant will be exercisable at C$1.85 for 18 months.
The brokered deal will include up to 3.2 million units on the same terms. Canaccord Capital Corp. will act as lead agent for that placement.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares is at least C$3.00 for 20 consecutive trading days at any time at least four months after settlement of the placement.
When the placements priced on Feb. 13, the non-brokered deal was expected to include up to 8.8 million units.
Proceeds will be used to advance the company's La Negra Mine in Mexico, for acquisitions and for general capital.
Aurcana is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Aurcana Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$20 million
|
| Units: | 16 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.85
|
| Agent: | Canaccord Capital Corp. (for C$4 million); non-brokered (for C$16 million)
|
| Pricing date: | Feb. 13
|
| Upsized: | Feb. 15
|
| Stock symbol: | TSX Venture: AUN
|
| Stock price: | C$1.50 at close Feb. 13
|
| Stock price: | C$1.32 at close Feb. 15
|
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