Aurvista Gold Closes Hard Dollar Financing and First Tranche of Charity Flow-Through Funding
MONTREAL, QUEBEC--(Marketwired - June 26, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES
Aurvista Gold Corporation ("Aurvista" or the "Company") (TSX VENTURE:AVA)(OTCQB:ARVSF)(FRANKFURT:AV2) is pleased to announce that it has closed the hard dollar financing, issuing 16,400,000 units ("HD Units") for gross proceeds of $4,100,000 and the first tranche of charity flow-through financing, issuing 7,536,501 charity flow-through units ("CFT Units") for gross proceeds of $3,089,965.41. The second tranche of charity flow-through funding is fully subscribed and is scheduled to close on July 14, 2017. The private placements consisted of a combination of CFT Units at a price of C$ 0.41 per CFT Unit, and the sale HD Units at a price of $0.25 per HD Unit. Aggregate proceeds of $6,000,000 will be received from the issuance of 14,634,146 CFT Units under the CFT Unit offering and $4,100,000 from the issuance of 16,400,000 HD Units under the HD Unit offering.
Each CFT Unit and each HD Unit consist of one common share and one full warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of C$0.40 per share for a period of 5 years. It is the Company's intention to list the Warrants on the TSX Venture Exchange subject to regulatory approval. All securities issued pursuant to the closings today are subject to a four-month hold period, expiring on October 27, 2017. Finder's fees relating to the closed $7,189,965.41 in aggregate proceeds totaled $109,238.
The Company is pleased to announce that Insiders of the Company subscribed for a total of 1,305,000 HD Units for proceeds of $326,250 to the Company.
Matthew Hornor, President and CEO of Aurvista stated "We were very pleased with the overwhelming investor demand for this financing and now have the necessary funds to complete significant property-wide exploration and a further 30,000 metres of drilling. In addition to the obvious resource expansion targets along strike and at depth, our technical group is excited to refine a number of new exploration targets within the Company's 305 km² property package and drill for new gold discoveries in the months ahead."
Douay Gold Project and Company Profile:
Aurvista Gold Corp. is a well-funded gold exploration and development company focused on advancing one of the largest undeveloped gold projects in Quebec. The Company's district-scale 305 km² Douay Gold Project is located along a 40km segment of the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec. The Project hosts a multi-million ounce gold deposit that remains open in several directions, with excellent infrastructure and several large scale operating mines within 150 km. The Douay Gold Project's high-grade zones are still intact (never been mined), the Project is virtually royalty free, and the Company has aggressive property-wide exploration and drilling plans to continue making new discoveries and building high-quality ounces in one of the best mining jurisdictions in the world.
Following the close of the second tranche of the CFT Unit financing that is scheduled to occur on July 14, 2017, the Company will have 179,935,910 shares outstanding. The shares of the Company trade on the TSX Venture Exchange in Canada, the Frankfurt Stock Exchange in Germany and the OTCQB in the US. For more information, please visit the Company's website at www.aurvistagold.com.
NEITHER THE 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 PRESS RELEASE.
Forward Looking Statements:
This news release contains forward-looking statements, including in particular the closing of the second tranche of the CFT Unit offering. Forward-looking statements are based on assumptions, uncertainties and management's best estimate of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corp.'s filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.aurvistagold.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
Mr. Joness Lang
Office: +1 416.682.2674
jlang@aurvistagold.com