Montreal (Quebec): Aurvista Gold Corporation (“Aurvista” or the “Company”) (TSX-V: AVA, OTC: ARVSF; Frankfurt: AV2) has arranged a non-brokered financing (the “Private Placement”) led by Primary Capital Inc., and Power One Capital Markets Limited of Toronto. The Private Placement will consist of up to 40,000,000 Units at a price of C$ 0.15 per Unit for gross proceeds of C$ 6,000,000. The financing is expected to close on or about November 4, 2016.
Each Unit will consist of one common share and one full warrant. Each warrant, which will be transferable, will entitle the holder to purchase one additional common share of the Company at an exercise price of C$ 0.28 per share during the 36 months from the closing date.
All the securities will be subject to a four-month hold period from the date of closing. A finder's fee will be payable in accordance with the policies of the TSX Venture Exchange (the “Exchange”). The Private Placement is subject to the approval of the Exchange.
The Company intends on using the net proceeds from the private placement to continue advancing the Douay Gold Project and for general corporate purposes.
About Aurvista Gold Corp.
Aurvista Gold Corporation is a junior gold exploration and development Company with 90,939,121 shares outstanding trading on the TSX Venture Exchange in Canada, the Frankfurt Stock Exchange and OTC Pink Sheets in the US. Aurvista’s only asset is the Douay Gold Project, consisting of a 100% owned interest in 250 contiguous claims totaling 133.1 km2, plus a 90% interest in 5 contiguous claims totaling 0.2 km2 and a 75% interest (25% held by SOQUEM) in 32 contiguous claims totaling 11.9 km2. In total there are 287 claims covering 145.3 km2 located along a 20 km segment of the Casa Berardi Deformation Zone in the prolific Abitibi Belt of northern Quebec. Douay is located 40 km SW of the Matagami Zinc Base Metal Camp and 150 km N of the Val-d’Or-Malartic Gold Camp, both in Quebec.
In August, 2012, Aurvista updated the Mineral Resource estimate to include all drilling completed to the end of March 2012. Douay contains a Mineral Resource estimate of 2.7 million tonnes of Indicated Resources at 2.76 g/t gold for 238,400 ounces (above a 0.3 g/t gold cut-off grade) or 2.5 million tonnes grading 2.98 g/t gold (at a 0.5 g/t gold cut-off grade) for 235,500 ounces. There were additional Inferred Resources of 115 million tonnes at 0.75 g/t gold for 2.75 million ounces (above a 0.3 g/t gold cut-off grade) or 62 million tonnes grading 1.06 g/t gold for 2.1 million ounces (above a 0.5 g/t cut-off grade). Details can be viewed on the Company’s website at www.aurvistagold.com.
The technical contents in this news release have been approved by Mr. Jean Lafleur, M. Sc., P. Geo., President and CEO of Aurvista Gold Corporation, a Qualified Person under National Instrument 43-101.
For further information please ontact:
Mr. Jean Lafleur, P. Geo.
President and CEO, Director
Cell: +1 514 927 3633
Mr. Keith C Minty, P. Eng., MBA
Chief Operating Officer
Phone: +1 416 682 2671
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
This news release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corporation’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.aurvistaGold.com.