NEWS AurCrest Gold Announces Financing
TORONTO, ONTARIO--(Marketwired - Sept. 7, 2016) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) wishes to announce its intention to raise $3 Million dollars through the capital markets to finance continued exploration of its promising Richardson Lake Gold discovery. The Company believes that market conditions and recent financing activity indicate a strong market for precious metals exploration is emerging after an 8 year downturn, starting in 2008 and marking one of the longest resources down cycles. The Richardson Lake Gold project merits a strong second phase drill program, of 10-12 holes, to begin delineating the very good results discovered through limited drilling during the market lows.
AurCrest continues to develop its First Nations Partnership and Inclusion strategy, and some working capital will be used for continued consulting and business development with local parties. AurCrest, through Lac Seul Band Member and Executive Vice President Christopher Angeconeb, will continue to develop the long term goal of assisting communities with their pressing energy needs, as defined in earlier press releases, as energy and the need for modern clean energy is believed by AurCrest to be the single most pressing issue facing the Northern Ontario Anishinaabe peoples and the most critical component of resource development in Ontario's far north.
The Company is in the business of mineral exploration, with a first class gold exploration prospect, in the region of one the world's most prolific gold camps. AurCrest is happy to be able to get back to the business of exploration, but will take seriously the social, cultural, and business responsibilities it has undertaken by exploring in the traditional territories of the Cat Lake, Slate Falls and Lac Seul communities.
To this end, the Company wishes to announce a financing of up to $1,500,000.00 in working capital at a price of $0.05 with a half warrant at $0.10 for a term of 24 months (the "WC Units") and a further $1,500,000.00 in flow through funds at a price of $0.06 with a half warrant at $0.12 for a term of 18 months (the "FT Units").
Eligible Finders may receive up to 8% cash and 8% of the number of FT Units or WC Units sold in the form of broker warrants. Each broker warrant entitles the holder to acquire a common share of the Company at $0.05 for 24 months from closing.
All proceeds will be used for exploration, business development and working capital.
All securities issued pursuant to the above-referenced financing is subject to a statutory four month hold period and regulatory approval.