Aurcana (TSXV:AUN.V) Not to Proceed on US$25M Credit Facility and Receives Notice of Civil Claim – Dominion Lending Centres Clearlease

Aurcana (TSXV:AUN.V) Not to Proceed on US$25M Credit Facility and Receives Notice of Civil Claim – Dominion Lending Centres Clearlease

VANCOUVER, BRITISH COLUMBIA – (April 18, 2011) Clearlease.com Reports Aurcana Corporation (TSXV:AUN.V) reports that Aurcana’s Board of Directors did not approve the terms of a proposed US$25M credit facility announced on November 19, 2010 to provide additional funding to advance the Company’s Shafter Project in Texas with Sprott Asset Management LP (“SAM”) and Sprott Resource Lending Partnership (“SLP”). The Board determined that the restrictive covenants proposed in the credit facility and the cost to the Company was not in the best interests of the Company and its shareholders. Silver prices have increased substantially since commencing negotiations on the credit facility in October, 2010. Assuming that silver prices remain in the current price range of $35 per ounce, the aggregate cost of the debt facility to the Company will be approximately US$50M to borrow US$25M over a 3 year period. In addition, the overly restrictive terms of the credit facility will result in undue risk to the assets and future operations of the Company. The Board of Directors provided authority to the Company’s President to renegotiate the terms of the credit facility but the negotiations with SAM and SLP have been unsuccessful.

On April 15, 2011, Aurcana was served with a Notice of Civil Claim filed in the British Columbia Supreme Court against Aurcana by SAM and SLP seeking damages for breach of good faith negotiations and making a claim for:

1. Specific performance of the financing including payment to SAM and SLP standby fees calculated on the current price of silver;
2. Damages for Breach of Contract;
3. Accounting for profits and benefits;
4. Punitive and exemplary damages; and
5. Interests and costs and such other relief.

The Company entered into two non-binding term sheets dated October 26, 2010 (“Non-Binding Term Sheets”) with respect to the debt facility. The Company’s only obligations to SAM and SLP if the Company did not proceed with the credit facility is privacy, confidentiality, jurisdiction and the payment of legal fees and other out of pocket expenses in connection with the Non-Binding Terms Sheets.

The Company has acted in good faith on behalf of its shareholders and will vigorously defend the claim that it was under no obligation to proceed to enter into a credit facility and to do so would have been exceedingly onerous to its shareholders.

For more information please visit us at:

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail:
Website:
News:
Twitter: @clearlease

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VANCOUVER, BRITISH COLUMBIA – (April 18, 2011) Clearlease.com Reports Aurcana Corporation (TSXV:AUN.V) reports that Aurcana’s Board of Directors did not approve the terms of a proposed US$25M credit facility announced on November 19, 2010 to provide additional funding to advance the Company’s Shafter Project in Texas with Sprott Asset Management LP (“SAM”) and Sprott Resource Lending Partnership (“SLP”). The Board determined that the restrictive covenants proposed in the credit facility and the cost to the Company was not in the best interests of the Company and its shareholders. Silver prices have increased substantially since commencing negotiations on the credit facility in October, 2010. Assuming that silver prices remain in the current price range of $35 per ounce, the aggregate cost of the debt facility to the Company will be approximately US$50M to borrow US$25M over a 3 year period. In addition, the overly restrictive terms of the credit facility will result in undue risk to the assets and future operations of the Company. The Board of Directors provided authority to the Company’s President to renegotiate the terms of the credit facility but the negotiations with SAM and SLP have been unsuccessful.

On April 15, 2011, Aurcana was served with a Notice of Civil Claim filed in the British Columbia Supreme Court against Aurcana by SAM and SLP seeking damages for breach of good faith negotiations and making a claim for:

1. Specific performance of the financing including payment to SAM and SLP standby fees calculated on the current price of silver;
2. Damages for Breach of Contract;
3. Accounting for profits and benefits;
4. Punitive and exemplary damages; and
5. Interests and costs and such other relief.

The Company entered into two non-binding term sheets dated October 26, 2010 (“Non-Binding Term Sheets”) with respect to the debt facility. The Company’s only obligations to SAM and SLP if the Company did not proceed with the credit facility is privacy, confidentiality, jurisdiction and the payment of legal fees and other out of pocket expenses in connection with the Non-Binding Terms Sheets.

The Company has acted in good faith on behalf of its shareholders and will vigorously defend the claim that it was under no obligation to proceed to enter into a credit facility and to do so would have been exceedingly onerous to its shareholders.

For more information please visit us at:

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail:
Website:
News:
Twitter: @clearlease

###Aurcana (TSXV:AUN.V) Not to Proceed on US$25M Credit Facility and Receives Notice of Civil Claim – Dominion Lending Centres Clearlease

VANCOUVER, BRITISH COLUMBIA – (April 18, 2011) Clearlease.com Reports Aurcana Corporation (TSXV:AUN.V) reports that Aurcana’s Board of Directors did not approve the terms of a proposed US$25M credit facility announced on November 19, 2010 to provide additional funding to advance the Company’s Shafter Project in Texas with Sprott Asset Management LP (“SAM”) and Sprott Resource Lending Partnership (“SLP”). The Board determined that the restrictive covenants proposed in the credit facility and the cost to the Company was not in the best interests of the Company and its shareholders. Silver prices have increased substantially since commencing negotiations on the credit facility in October, 2010. Assuming that silver prices remain in the current price range of $35 per ounce, the aggregate cost of the debt facility to the Company will be approximately US$50M to borrow US$25M over a 3 year period. In addition, the overly restrictive terms of the credit facility will result in undue risk to the assets and future operations of the Company. The Board of Directors provided authority to the Company’s President to renegotiate the terms of the credit facility but the negotiations with SAM and SLP have been unsuccessful.

On April 15, 2011, Aurcana was served with a Notice of Civil Claim filed in the British Columbia Supreme Court against Aurcana by SAM and SLP seeking damages for breach of good faith negotiations and making a claim for:

1. Specific performance of the financing including payment to SAM and SLP standby fees calculated on the current price of silver;
2. Damages for Breach of Contract;
3. Accounting for profits and benefits;
4. Punitive and exemplary damages; and
5. Interests and costs and such other relief.

The Company entered into two non-binding term sheets dated October 26, 2010 (“Non-Binding Term Sheets”) with respect to the debt facility. The Company’s only obligations to SAM and SLP if the Company did not proceed with the credit facility is privacy, confidentiality, jurisdiction and the payment of legal fees and other out of pocket expenses in connection with the Non-Binding Terms Sheets.

The Company has acted in good faith on behalf of its shareholders and will vigorously defend the claim that it was under no obligation to proceed to enter into a credit facility and to do so would have been exceedingly onerous to its shareholders.

For more information please visit us at:

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail:
Website:
News:
Twitter: @clearlease

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