Aurcana Announces Completion of Transactions Under Amended Credit Facility Agreement
2014年5月1日 - 10:32AM
Marketwired
Aurcana Announces Completion of Transactions Under Amended Credit
Facility Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2014) -
Aurcana Corporation ("Aurcana" or the "Company")
(TSX-VENTURE:AUN)(OTCQX:AUNFF) is pleased to announce that it has
today completed the transactions contemplated under the amended and
restated credit facility agreement (the "Amended Credit Facility
Agreement") with Orion Mine Finance (Master) Fund I LP (the
"Lender"), an affiliate of Orion Mine Finance Group, as announced
on April 29, 2014.
Amended Credit Facility
Pursuant to the Amended Credit Facility Agreement:
- The principal amount under the loan (the "Loan") has been
reduced from US$50,000,000 to US$40,000,000.
- In consideration for an aggregate debt settlement of
US$10,333,333, Aurcana agreed to issue 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 Loan and terminating the
Shafter Mine silver and gold offtake agreement. The Company has
today issued an aggregate of 6,418,249 of such shares (the
"Settlement Shares"), with the balance of 10,081,252 common shares
to be issued upon receipt of regulatory approval. The Settlement
Shares are subject to a hold period under applicable securities
laws expiring on September 1, 2014. The Settlement Shares 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.
- The Loan will be repaid in 48 equal monthly instalments. Early
prepayment may occur at any time without charges.
- Interest on the Loan continues to accrue at a rate equal to
LIBOR (subject to a minimum of 1%) plus 5.5% per annum.
- The Loan continues to be guaranteed by Aurcana's subsidiaries
and is also secured against all of the Company's and its
subsidiaries' present and future assets.
- Aurcana has entered into offtake agreements with the Lender in
respect of copper, zinc and lead concentrate produced at its La
Negra mine on standard commercial terms for the period from January
1, 2017 to December 31, 2020.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with
two mines: the La Negra Mine in Mexico and the Shafter Mine in
Texas, US. The Company is in a position to grow organically from
its existing mines in its pursuit to become an emerging senior
silver producer. Aurcana continues to focus on its future
growth.
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.
Corporate
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
AURCANA CORPORATION
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 and offtake
agreements, 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.
Aurcana CorporationLenic RodriguezPresident & CEO(604)
331-9333 or Toll Free: (866) 532-9333(604)
633-9179ir@aurcana.comwww.aurcana.comStrataStar GroupGary
LindseyInvestor Relations720-273-6224gary@strata-star.com
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