Aurcana Silver Corporation announced a non-brokered private placement of up to 17,142,857 units at a price of CAD 0.35 per unit for gross proceeds of CAD 5,999,999.95? on February 1, 2022. Each unit will consist of one common share of the company and one full common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share at a price of CAD 0.525 for a period of 36 months following the closing of the transaction, subject to adjustment upon certain customary events. The transaction is subject to approval of the TSX Venture Exchange. Finder's fees to third parties may be paid in certain circumstances. The securities will be subject to a hold period of four months and one day after the date of issuance. The company will issue securities pursuant to exemption provided under Regulation D.

On the same date the company issued 15,138,071 units for gross proceeds of CAD 5,298,325 in the first tranche. Kevin Drover, the President and CEO of the company, participated by acquiring 1,428,571 units for total consideration of CAD 500,000. The second tranche will be closing in the near future.