AurCrest Gold Announces Closing of First Tranche of Financing
TORONTO, ONTARIO--(Marketwired - Jul 13, 2015) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) wishes to announce that, further to its press release of May 6, 2015, it has closed the first tranche of a non-brokered working capital unit private placement (the "Offering") by placing 1,000,000 working capital units (each a "WC Unit") of the Company at a price of $0.05 per WC Unit for proceeds of $50,000. The funds will be used for working capital.
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 $0.05 per Common Share. The financing terms were amended to remove the acceleration of the exercise date of the warrants. The Company paid IBK Capital Corp. a commission of $3,500 and issued 80,000 broker warrants ("Broker Warrants"). Each Broker Warrant entitles the holder to acquire a WC Unit for five (5) years from Closing at a price of $0.05 per Broker Warrant.
The securities issued are subject to a hold period expiring on November 14, 2015. The Company will leave the remainder of the Offering of up to 4,000,000 WC Units open until August 13, 2015.
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.
Contact
AurCrest Gold Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
info@aurcrestgold.com
www.aurcrestgold.com