Aurcana Announces US$40,000,000 Silver Backed Unit Offering

Aurcana Corporation (TSX VENTURE:AUN) reported that subject to TSX Venture Exchange approval, the Company will conduct on a best efforts basis, a non-brokered private placement of the issuance of up to 40,000 units consisting of silver-secured notes and common share purchase warrants at a purchase price of US$1,000 per Unit for gross proceeds to Aurcana of US$40,000,000.

The press release is quoted as saying:

The Shafter Silver Mine is scheduled to start up production within 18 months of securing permits and financing, producing 3.9 million ounces silver in the first year.

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