Bullboard - Stock Discussion Forum Aurcana Silver Corp V.AUN.H

Metals & Mining Silver

Aurcana Silver Corporation is a Canada-based company, which is engaged in the exploration, development, and operation of natural resource properties. The Company’s development properties are the Revenue-Virginius mine (the Revenue-Virginius mine or Ouray), located in Ouray Colorado and held through the Company’s 100% owned United States subsidiary, Ouray Silver Mines, Inc. (OSMI) and the... see more

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TSXV:AUN.H - Post Discussion

Aurcana Silver Corp > Liquidation?

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Post by Rockormen on Jul 04, 2022 11:05am

Liquidation?

Wondering about the risk of liquidation/bankruptcy given these current issues... If they can avoid it I suppose there is some hope for the future?

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Comment by NinetyFourOctan on Jul 04, 2022 11:33am

I was so hopeful for a deal.... My shares were in Canadian Market too so got double burned due to the long weekend where I could not down-average on Friday. See you on the next one. There is no hope now, with Aurcana's debt, and RV gone, Aurcana has no choice but to liquidate any remaining assets to cover debt. We be at zero soon, if not by the end of the month. Yet ...more

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Comment by Rockormen on Jul 04, 2022 11:46am

But if they put the rv mine as security in their loan deal with mercuria the mine should be enough to pay their debt no?

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Comment by NinetyFourOctan on Jul 04, 2022 12:43pm

With RV in Receivership Aurcana still has several million in loans other then what the owe to Mercuria they need to cover but can't now. It would not surprise me now if the other loan holders go after Shafter and put it into receivership as well. However even if that does not happen I now can't see how Aurcana can stay out of Bankruptcy now. I had hope while Mercuria was ...more

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