Nov 17 2014
AurCrest Gold Inc. is pleased to announce that it closed a non-brokered flow-through unit private placement raising $260,000 through the issuance of 5,200,000 flow-through units of the Company at a price of $0.05 per FT Unit. The securities issued are subject to a hold period expiring on March 15, 2015.
The Company also wishes to announce that further to its Press Release dated October 24, 2014, it placed a further 551,848 working capital units for proceeds of $27,592.38. The securities issued are subject to hold periods expiring on March 14 and 15, 2015. The Company placed a total of 1,668,633 WC Units and raised an aggregate of $83,431.65.
Proceeds from the FT Offering will be used to fund the continuation of the drilling program on the Company's Richardson Lake gold property.
Each FT Unit consists of one (1) common share of the Company and one-half (1/2) share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire an additional common share at a price of $0.055 per common share until the earlier of: (i) November 14, 2019, and (ii) in the event that the closing price of the common shares on the TSXV is at least $0.15 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from November 14, 2014, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date"). A finder's fee consisting of 520,000 common shares of the Company and 520,000 Compensation Options exercisable for a period of two (2) years from closing at $0.05 per Compensation Option was paid in respect of the closing of the FT Offering. Each Compensation Option entitles the finder to acquire one (1) common share and one-half (1/2) a Warrant.