TORONTO, ONTARIO--(Marketwired - Nov. 14, 2014) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) is pleased to announce that it closed a non-brokered flow-through unit private placement raising $260,000 (the "FT Offering") through the issuance of 5,200,000 flow-through units (each a "FT Unit") of the Company at a price of $0.05 per FT Unit. The securities issued are subject to a hold period expiring on March 15, 2015.
The Company also wishes to announce that further to its Press Release dated October 24, 2014, it placed a further 551,848 working capital units ("WC Units") for proceeds of $27,592.38. The securities issued are subject to hold periods expiring on March 14 and 15, 2015. The Company placed a total of 1,668,633 WC Units and raised an aggregate of $83,431.65.
Proceeds from the FT Offering will be used to fund the continuation of the drilling program on the Company's Richardson Lake gold property.
Each FT Unit consists of one (1) common share of the Company and one-half (1/2) share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire an additional common share at a price of $0.055 per common share until the earlier of: (i) November 14, 2019, and (ii) in the event that the closing price of the common shares on the TSXV is at least $0.15 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from November 14, 2014, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date"). A finder's fee consisting of 520,000 common shares of the Company and 520,000 Compensation Options exercisable for a period of two (2) years from closing at $0.05 per Compensation Option was paid in respect of the closing of the FT Offering. Each Compensation Option entitles the finder to acquire one (1) common share and one-half (1/2) a Warrant.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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.