Aurcana Silver Corp V.AUN.H

A press release and you think its made up WTF?

[TeamEddie]

Amvest Capital (acting, as appropriate, in its own capacity and/or through personnel registered with Four Points Capital Partners, LLC) is engaged as an agent with this previously filed financing. Aurcana Silver Corporation (TSXV: AUN, OTCQX: AUNFF) is completing a non-brokered private placement of up to 21,428,571 Units at a price of CDN$0.35 per Unit for gross proceeds of CDN$7,500,000, each Unit comprised of one common share and one whole transferable Warrant. Each whole Warrant exercisable to acquire one common share at an exercise price of CDN$0.525 per share for a period of 36 months from the date of issuance. website, Jan 10 '22 operations update Revenue-Virginius Mine is located in southwestern Colorado about 5.5 miles southwest of the town of Ouray. Since the rock slide at the mine in November, Aurcana has been operating, but at a reduced level. The access to the mine has been limited to one shaft and therefore production is less than half the rate that was expected. The company has reduced expenses significantly, but still needs additional funds to make to the time when the high speed elevator will be completed and the company can send up to 16 miners at a time up the elevator, thus relieving the current bottleneck. Aurcana Silver update: • $2.5 million in the bank • $1.7 million burn rate per month • Currently mining and milling about 100 tons per day from current stopes until the high speed elevator is completed in May. • $2.5 million due in March for loan payment. (currently working on negotiating an "interest only" payment) • Working on refinancing the loan which should be completed in March/April - refinancing would add several more million in reserves • After the rock slide event in November 2021, access to the stopes was cut in half with only one shaft available for men and equipment. (currently two miners can ascend every 30 minutes) • In May when the high speed elevator is completed 16 miners can reach the stopes at once and access to higher levels will also be possible • Once high speed elevator is in, mine can ramp up to 4.5 million ounces of silver per year relatively quickly • Grades at stopes and in drifting are 83% above modeled grades in the area we are currently mining • Mill is running well, but only at half time due to bottle neck of getting enough miners up to the stopes. (due to rock slide)

[cartpathcarl]

Not made up just unverified and you are not a credible source of info!!!