Montreal, Quebec--(Newsfile Corp. - May 30, 2016) - Aurvista Gold Corporation (TSXV: AVA) (OTC: ARVSF) ("Aurvista" or the "Company") has closed the non-brokered private placement of C$1,097,880 (the "Closing"). The Private Placement consisted of 6,361,504 flow-through units (the "Flow-Through Units") at a price of C$ 0.08 per Flow-Through Unit for gross proceeds of C$508,920. The Company also issued 9,816,000 non flow-through units (the "Hard Units") at a price of C$ 0.06 per Hard Unit for gross proceeds of C$588,960.
Each Flow-Through Unit consists of one flow-through common share and one warrant. Each Hard Unit consists of one non flow-through common share and one Warrant. Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$ 0.10 per share during the 12 months from the Closing date.
All the securities are subject to a four-month hold period from the Closing date. A finder's fee of C$75,802 as paid in accordance with the policies of the TSX Venture Exchange (the "Exchange"), and the Company also issued 758,016 finder warrants allowing the holder to purchase one common share of Aurvista at C$ 0.10 for a period of one year from the Closing date. The private placement is subject to the final approval of the TSXV.
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 69,511,617 shares outstanding trading on the TSX Venture Exchange in Canada and OTC Pink Sheets in the U.S. Aurvista's only asset is the Douay Gold Project totaling 287 claims for 145.3 km2. Of the total, 32 claims for 11.9 km2 form the North West Zone and are in a joint venture with SOQUEM (75% Aurvista, 25% SOQUEM). The project is located along the gold-bearing Casa Berardi Deformation Zone in northern Quebec. Details can be viewed on the Company's website at www.aurvistagold.com.
Forward-Looking Statements
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.
For further information please contact:
Mr. Jean Lafleur, P. Geo.
President and CEO, Director
Cell +1 514 927 3633
Mr. Bryan Keeler
Chief Financial Officer
+1 416 504 4126
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.
