SOURCE: AuRIC Development Corp.

February 12, 2009 13:02 ET

AuRIC Announces $700,000 Non Brokered Private Placement

VANCOUVER, BC--(Marketwire - February 12, 2009) - AuRIC Development Corp. (TSX-V: ARC.P) (the "Company") today announced it has retained Canaccord Capital Corporation to act as sponsor for its Qualifying Transaction. The Company intends to (as originally announced on September 2, 2008) acquire (the "Transaction") 100% of the issued and outstanding securities shares of Intinergy Solar Inc. ("ISI"). Concurrent with closing (the "Closing") of the Transaction, the Company will conduct a non-brokered private placement up to $700,000 in gross proceeds. The gross proceeds will be used to develop the acquired technology and for working capital.

The Company intends to offer (the "Offering") up to 3,500,000 units (the "Units") at a price of $0.20 per Unit. Each Unit will be comprised of one common share and one share purchase warrant (a "Warrant"). Each Warrant will be exercisable into an additional common share (a "Warrant Share") of for a period of 2 years from Closing of the Transaction at a price of $0.25 per Warrant Share. The proceeds received from the Offering together with the Company's current working capital will provide the resulting issuer (the "Resulting Issuer") with sufficient financial resources to satisfy its business plan over 12 months post closing. Finder's Fees may be paid on subscriptions raised, subject to the Rules and Policies of the TSX Venture Exchange.

For additional information concerning the Transaction, please refer to the Company's press release dated September 2, 2008 (filed on www.sedar.com).

For additional information concerning ISI, please refer to ISI's website (www.intinergy.com).

Additional information relating to the Company can also be found on SEDAR at www.sedar.com or contact: Robert Findlay, President and Director of AuRIC at 604 669 9330

On behalf of the board of

AURIC DEVELOPMENT CORP.

Per: "Robert Findlay"
Robert Findlay
President, CEO, CFO, Secretary and Director

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Contact:
    Robert Findlay
    President and Director of AuRIC
    604 669 9330