Aurvista Gold Closes Final Tranche of Charity Flow-Through Financing
MONTREAL, QUEBEC--(Marketwired - July 14, 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 second and final tranche of its Charity Flow-Through ("CFT") Unit offering. Aggregate gross proceeds from the CFT Unit offering and the Hard Dollar ("HD") Unit offering, total $10,100,000 for both tranches (see first tranche closing press release dated June 26, 2017). The private placements consisted of a combination of CFT Units at a price of C$ 0.41 per CFT Unit, and the sale of HD Units at a price of $0.25 per HD Unit. Aggregate proceeds of $6,000,000 were received from the issuance of 14,634,150 CFT Units under the CFT 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 until June 27, 2022. It is the Company's intention to list the Warrants on the TSX Venture Exchange subject to regulatory approval. All securities are subject to a four-month hold period from the closing date, the hold period for the second closing CFT Units expiring on November 15, 2017.
The Company is pleased to announce that Insiders of the Company subscribed for a total of 1,045,000 HD Units for proceeds of $261,250 to the Company. Finder's fees relating to the two offerings totaled $186,002.25.
Matthew Hornor, President and CEO of Aurvista stated "We now have the necessary funds to carry out significant exploration and drilling in the months ahead with the aim of making new gold discoveries, connecting existing zones of mineralization and increasing resources at the Douay Gold Project. We will also continue to make corporate improvements by establishing an expert technical committee and enhanced board of directors this summer."
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 have 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.
The Company has 180,015,914 shares outstanding trading 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 may contain forward-looking statements 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.