TSXV:AUN.H - Post by User
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MrC_on Jun 27, 2013 7:11pm
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NR from AUN
NR from AUNNews Release
June 27, 2013
Aurcana Announces $50 million Loan Facility
Vancouver, BC, June 27, 2013 - Aurcana Corporation ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to announce that it has accepted an indicative terms sheet from RK Mine Finance, part of the Red Kite Group, one of the largest metal merchants in the world, for an unsecured 3 year loan facility of $50 million and silver Offtake Agreement for the silver produced at the Shafter mine.
The proceeds to be drawn down under the Debt Facility will be used by the Company for the expansion of the Company's mines and working capital purposes.
The board of directors of Aurcana Corporation has approved the proposed term sheet. Closing of the transaction is subject to approval from RK Mine Finance's Investment Committee and executing all final legal documents. Closing is expected to occur in July 2013.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two producing mines: La Negra Mine in Mexico and 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.