VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 14, 2013) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(AUNFF) announces that the Company will be amending the terms of certain outstanding common share purchase warrants (the "Warrants") which were issued as part of a private placement of units that closed in June and July of 2010. An aggregate of 293,750 Warrants are outstanding, each of which, on a pre-amendment basis, entitles the holder thereof to acquire one common share of the Company at an exercise price of $3.20 until June 30, 2013 (the "Expiry Date").
The Company intends to amend the Warrants to reduce the exercise price of the Warrants from $3.20 to $2.49 and to extend the Expiry Date of the Warrants from June 30, 2013 to June 30, 2015. In addition, the Warrants will be made subject to an acceleration provision, pursuant to which the exercise term of the Warrants will be shortened to 30 days if for a period of 10 consecutive trading days, the closing price of the Company's Common shares on the TSX Venture Exchange exceeds $3.40 per share. The Company will issue a press release notifying the holders of Warrants if the exercise term is shortened.
The TSX Venture Exchange has advised the Company that it does not object to the proposed amendments to the Warrants.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two producing mines: La Negra Mine in Mexico and Shafter Mine in Texas, US. The Company is in a position to grow organically from its existing mines in its pursuit to become an emerging senior silver producer. Aurcana continues to focus on its future growth.
The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
"Lenic Rodriguez", President & CEO
This news release contains certain forward-looking statements, including statements regarding the amendment of the Warrants. These statements are forward-looking statements that involve various risks and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate", "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others, risks related to regulatory approval. When relying on forward- looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.