Mr. Matthew Hornor reports
AURVISTA GOLD CLOSES FINAL TRANCHE OF CHARITY FLOW-THROUGH FINANCING
Aurvista Gold Corp. 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 $10.1-million for both tranches (see the first tranche closing press release dated June 26, 2017). The private placements consisted of a combination of CFT units at a price of 41 cents per CFT unit and the sale of HD units at a price of 25 cents per HD unit. Aggregate proceeds of $6-million were received from the issuance of 14,634,150 CFT units under the CFT offering, and $4.1-million from the issuance of 16.4 million 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 40 cents 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, with the hold period for the second closing CFT units expiring on Nov. 15, 2017.
Insiders of the company subscribed for a total of 1,045,000 HD units for proceeds of $261,250 to the company. Finders’ fees relating to the two offerings totalled $186,002.25.
Matthew Hornor, president and chief executive officer, 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.”
About Aurvista Gold Corp.
Aurvista is a gold exploration and development company focused on advancing one of the largest undeveloped gold projects in Quebec. The company’s district-scale 305-square-kilometre Douay gold project is located along a 40-kilometre segment of the Casa Berardi deformation zone within the prolific Abitibi greenstone belt in Northern Quebec. The project hosts a multimillion-ounce gold deposit that remains open in several directions, with excellent infrastructure and several large-scale operating mines within 150 kilometres.
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