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Aurcana completes acquisition of Ouray Silver Mines, Revenue-Virginius project

Aurcana Corp. completed the acquisition of Ouray Silver Mines Inc., which holds the Revenue-Virginius silver project in Colorado, as well as a 5-for-1 share consolidation.

The company entered a definitive agreement in September for a business combination and reverse takeover to acquire all of Ouray Silver's shares on a debt-free basis.

Aurcana said Dec. 28 that it acquired all of the Ouray Silver shares from LRC Group, which includes LRC-FRSM and LRC-FRSM II, by issuing 83,240,359 post-consolidation shares.

In association with the deal, Aurcana also purchased certain equipment owned by an Orion Mine Finance affiliate for US$500,000 and 23,894,545 pre-consolidation shares. The equipment is located on the company's Shafter silver property, a past-producing mine on care and maintenance in Texas.

Aurcana also noted the conversion of 5,621,800 subscription receipts to units of the company, with each unit comprising one post-consolidation share and a warrant exercisable at C$1.25 per share for three years, while another 670,200 units were purchased by Orion for gross proceeds of US$500,000.

As a result, the company has an aggregate 116,309,028 post-consolidation shares issued and outstanding.