On September 21, 2018, Aurcana Corporation (“Aurcana”) announced that it had entered into an arrangement agreement with certain affiliates of Lascaux Resource Capital, LLC (collectively, the “LRC Group”) to acquire Ouray Silver Mines, Inc. (“Ouray”), a privately held company which owns the Revenue-Virginius Mine located near Ouray, Colorado, pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). The Arrangement constituted a reverse takeover under the policies of the TSX Venture Exchange, and the resulting issuer had a deemed market capitalization of over $116 million on closing.

In connection with the Arrangement, Aurcana also completed the purchase of certain mining equipment located at Aurcana’s Shafter-Presidio Silver Project in Texas from an entity controlled by Orion Mine Finance, and an offering of subscription receipts for aggregate proceeds to Aurcana of $6,292,000.

On December 27, 2018, Aurcana completed the Arrangement and acquired all of the issued and outstanding shares of Ouray and a related amended and restated metal prepay agreement between Ouray and the LRC Group. As a result of the Arrangement, Ouray became a wholly-owned indirect subsidiary of Aurcana.

Aurcana is a Vancouver-based corporation that owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas.

Further details regarding the Arrangement and Aurcana can be found on Aurcana’s website. Aurcana trades under the symbol “AUN” on the TSX Venture Exchange.