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Aurcana Closes $50M Loan Facility

Aurcana Corporation (OTC: AUNFF) is pleased to announce that it has executed definitive agreements with MF2 Investment Holding Company (Cayman) Limited, part of Orion Mine Finance Fund I ("Orion Mine Finance"), for a loan facility in the principal amount of US$50,000,000 (the "Loan") and an Offtake Agreement (the "Offtake Agreement") for silver and gold (the 'Material") produced at the Company's Shafter mine. A total of approximately US$13 million from the Loan proceeds will be used by the Company to complete the construction and upgrade work for Shafter mine and the balance of the Loan will be used to repay certain indebtedness and for otherwise advancing the La Negra and Shafter mines. Mr. Lenic Rodriguez, the Company's President & CEO states: "The closing of the US$50 million non-dilutive Loan facility is an important achievement for Aurcana and provides the Company with a significant cash infusion during challenging market conditions. The Loan will be sufficient to complete the Shafter ramp up and increase efficiencies at La Negra and provides flexibility in pursuing our growth objectives. This transaction demonstrates the confidence shown in Aurcana's mines, management and leadership by one of

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Posted-In: News Guidance Financing Contracts Management Global

 

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