AurCrest Gold Announces Non-brokered Offering and Agreement to Acquire Richardson Lake 2% NSR
May 11, 2018
Toronto, Ontario May 11, 2018 - AurCrest Gold Inc. (the “Company” or “AurCrest”) (TSX-V: AGO) (FRANKFURT: TM8A, WKN: A0YG1K) is pleased to announce the offering of a non-brokered private placement of up to 10,000,000 working capital units (the “WC Units”) for up to $500,000 (the “WC Offering”). The Company is also pleased to announce that it has entered into an agreement to acquire the 2% Net Smelter Returns Royalty on the Company’s Richardson Lake Property (the “2% NSR”) for the payment of $50,000 on or before May 24, 2018.
Each WC Unit is priced at $0.05 and consists of one (1) common share and one (1) common share purchase warrant (“WC Warrant”). Each WC Warrant entitles the holder to purchase one (1) common share (a “WC Warrant Share”) at a price of $0.075 per WC Warrant Share for a period of until three (3) years following the closing of the WC Offering (the “Closing Date”).
Eligible Finders may receive up to 7% of the value of proceeds of the sale of WC Units in cash and up to 8% of the number of WC Units sold in the form of broker warrants (the “WC Broker Warrants”), with each WC Broker Warrant entitling the holder to acquire one (1) WC Unit at a price of $0.05 for a period of three (3) years from the Closing Date.
The funds from the WC Offering will be used to provide the Company with working capital and to acquire the 2% NSR.
The Company expects to have a first closing of the WC Offering on or before May 24, 2018 with a final closing on or before June 12, 2018, subject to TSX Venture Exchange approval, or such other date as is agreed between the Company and the subscribers. All securities issued under the WC Offering are subject to a statutory four month hold period.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
President and C.E.O
Director of Business Development
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.