Aurcrest Gold extends closing of $200,000 financing

2017-04-28 08:28 ET - News Release

Mr. Christopher Angeconeb reports


Aurcrest Gold Inc.'s new website has been launched. It incorporates a new investor presentation outlining the company's current status, exploration plans and commitment to first nation participation and sustainable energy initiatives.

Under the direction of new president and chief executive officer Christopher C.J. Angeconeb, the company seeks to consolidate its position in the Birch-Uchi subprovince in the Red Lake gold district of Northwestern Ontario, and resume active exploration of previously identified gold discoveries and target anomalies at the company's Richardson Lake and Western Fold gold properties. As previously announced, the company has retained IBK Capital Corp. for a period of two years to act as its financial adviser to, among other things, 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.

At this point in time, Aurcrest is actively engaged with the first nations near the Richardson Lake/Western Fold properties for mutual collaboration on the development of regional infrastructure, economic activity and exploration activities being planned for the company's holdings. In 2011 and 2012, Aurcrest received financing from the Lac Seul first nation community.

The company also wishes to announce that it is extending the closing of its brokered private placement, announced on Feb. 27, 2017, for 30 days. The company is issuing up to four million working capital units of the company at a price of five cents per WC unit for up to $200,000 to provide the company with working capital. The offering is being led on a best efforts basis by IBK Capital. The company announced the closing of the first tranche of one million WC units for $50,000 on March 3, 2017.

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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