AurCrest Gold Inc. Announces Closing of Financing and Commences Airborne Survey
08.07.2014 | Marketwire
TORONTO, July 8, 2014 - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) is pleased to announce that it has placed 4,240,000 working capital units (each a "WC Unit") of a non-brokered private placement for proceeds of $212,000 (the "Offering"). The securities issued are subject to a hold period expiring on November 8, 2014.Each WC Unit consists of one common share of the Company and one (1) share purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to acquire an additional common share for five (5) years from the closing of the Offering at a price of $0.055 per Common Share.
Insiders of the Company subscribed for $12,000 of WC Units. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insiders did not exceed 25% of its market capitalization.
The Aeroquest Airborne survey, announced in the Company's press release dated May 27, 2014 has commenced.
About AurCrest Gold Inc.
AurCrest Gold 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.
Contact
AurCrest Gold Inc.
Ian Brodie Brown, President and C.E.O.
(416) 368-2929
info@aurcrestgold.com
www.aurcrestgold.com