Aurcrest arranges $50,000 convertible loan

2016-06-22 16:10 ET - News Release

Mr. Ian Brodie-Brown reports


Aurcrest Gold Inc. has completed a convertible loan financing of $50,000. The loan is repayable in one year with interest at 10 per cent per year. The loan will be used for general working capital.

The loan is convertible at the rate of one common share for each five cents of loan converted. One million detachable warrants were also issued to the lender. Each detachable warrant entitles the holder to acquire an additional common share exercisable at a price of five cents per detachable warrant until June 22, 2017.

A cash commission of $2,000 and 40,000 broker warrants were paid to a finder with respect to the closing of the loan. Each broker warrant entitles the holder to acquire a common share of the company at a price of five cents until June 22, 2017.

The securities issued are subject to a hold period expiring on Oct. 23, 2016.

We seek Safe Harbor.

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