Mr. Ian Brodie-Brown reports
AURCREST GOLD SEEKS BUYER FOR RICHARDSON LAKE, RETAINS IBK CAPITAL CORP. AS FINANCIAL ADVISOR AND ANNOUNCES FINANCING
Aurcrest Gold Inc. has retained IBK Capital Corp. to act as its financial adviser for a period of two years. IBK Capital has been engaged initially to seek a buyer for the company’s Richardson Lake property or locate a suitable party to option or joint venture the property. IBK Capital will be paid a fee of 5 per cent of the value of any transaction consummated during the term of its engagement.
Aurcrest is also pleased to announce that it is proceeding with a brokered private placement of up to five million working capital units of the company at a price of five cents per WC unit for up to $250,000 to provide the company with working capital. The offering is being led on a best efforts basis by IBK Capital. The offering is subject to approval from the TSX Venture Exchange.
Each WC unit consists of one common share of the company priced at five cents per common share and one common share purchase warrant, with each WC warrant entitling the holder to acquire one common share until five years from the closing of the offering at a price of five cents.
The company has agreed to pay IBK Capital a commission of 9 per cent cash and issue broker warrants equal to 10 per cent of the number of WC units sold under the offering. Each broker warrant entitles the holder to acquire a WC unit for five years from closing at a price of five cents per broker warrant.
All securities to be issued pursuant to the above-referenced private placement will be 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 includes the Richardson Lake and Bridget Lake gold properties.
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