TORONTO, May 13, 2014 /CNW/ - Orion Mine Finance (Master) Fund I LP (the Company) announced today that it has acquired a total of 10,081,252 common shares of Aurcana Corporation (Aurcana) at an issue price of Cdn$0.69 (US$0.62) per common share.
The shares were acquired pursuant to a debt settlement. The common shares are subject to a hold period which expires on September 1, 2014. The common shares have been deposited in escrow pursuant to a voluntary escrow agreement, to be released in quarterly instalments over a period of 12 months from closing.
As a result of this acquisition together with previously held common shares, the Company has ownership and control over 16,499,501 common shares of the issued and outstanding common shares of Aurcana, representing approximately 22.03% of the total issued and outstanding common shares of Aurcana.
Aurcana has obtained conditional approval for a private placement pursuant to which the Company's holdings will represent approximately 19.9% of the total issued and outstanding common shares of Aurcana upon completion of the private placement. Until such time as Aurcana issues a minimum of an additional 3,076,923 common shares, the Company has undertaken to exercise voting rights on a maximum of 14,511,985 of the common shares that it owns which represents approximately 19.37% of the issued and outstanding common shares of Aurcana.
SOURCE: Orion Mine Finance (Master) Fund I LP
For further information: Please contact Jeff Kechejian at (212) 596-3474.