TORONTO, ONTARIO--(Marketwired - Aug. 20, 2014) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) wishes to announce that it has received approval from the TSX Venture Exchange to settle $255,295.58 of debt owed to Cyr Drilling International Ltd. ("Cyr Drilling") by the Company in consideration for the issuance of 2,836,618 working capital units ("WC Units") of the Company at a price of $0.09 per WC Unit. Each WC Unit consists of one common share of the Company and one (1) share purchase warrant (a "WC Warrant"). Each WC Warrant entitles Cyr Drilling to acquire an additional common share until August 19, 2017 at a price of $0.12 per common share. The securities are subject to a hold period expiring on December 20, 2014.
Further to the Company's press release dated August 13, 2014, the final tranche of 1,060,000 working capital units for proceeds of $53,000 closed on August 15, 2014 and the securities issued are subject to a hold period expiring on December 16, 2014.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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 release.