Aurcana Corporation (“Aurcana” or the “Company”) today announced that subject to final acceptance from the TSX Venture Exchange, the Company and Silver Standard Resources Inc. (“Silver Standard”) have agreed to restructure the terms of the $10,000,000 convertible debenture (the “Debenture”) which the Company issued to Silver Standard on July 15, 2008. The Debenture has a three year term, and bears interest at a rate of 1.5% in the first year, and 4% thereafter.
Under the terms of the amended Convertible Debenture:
– the maturity date of the Debenture is extended form July 15, 2011 to July 15, 2012;
– the Company has agreed to repay an aggregate of $7,000,000 of the principal owing under the Debenture on or before July 15, 2011;
– the remaining $3,000,000 principal balance will be repaid in equal quarterly instalments commencing on October 15, 2011;
– the rate of interest on the principal outstanding after July 15, 2011 will be 9% per annum; and
– the Company may prepay the Debenture at any time prior to maturity without penalty.
About Aurcana Corporation:
Aurcana is committed to become a mid-tier silver producer. Annualized pure silver production is on schedule to exceed 5 million ounces (6.0 million ounces silver equivalent) by year 2012.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION
“Lenic Rodriguez”, President and C.E.O.
For further information, visit the website at www.aurcana.com:
P: (604) 331-9333
TF: (866) 532-9333
F: (604) 633-9179
E: [email protected]
Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.
