Orion Mine Finance Provides Update of its Beneficial Ownership of Common Shares of Aurcana Corporation

TORONTO, July 16, 2019 /CNW/ - Orion Mine Finance announced today an update in respect of its beneficial ownership of common shares of Aurcana Corporation ("Aurcana") held by Orion Mine Finance (Master) Fund I LP ("Orion").

As a result of a prior equity issuance by Aurcana in which Orion did not participate (the "Company Issuance"), Orion's ownership interest in Aurcana was diluted below 10% of the then issued and outstanding common shares of Aurcana (the "Common Shares"). On May 9, 2019, Orion sold 1,321,500 Common Shares through the facilities of the TSX Venture Exchange at a price of C$0.381 per Common Share and C$503,110 in total (the "Transaction"). The Transaction was Orion's first acquisition or disposition of Common Shares since the Company Issuance. The disposition of 1,321,500 Common Shares in the Transaction resulted in Orion's ownership interest in the Common Shares decreasing by approximately 1.14%. Since the date of the Transaction, Orion has disposed of additional Common Shares and currently beneficially owns 4,650,000 Common Shares, representing approximately 4% of the issued and outstanding Common Shares, based on 116,309,028 Common Shares being issued and outstanding on the date hereof.

Immediately prior to the Transaction, Orion beneficially owned 8,749,009 Common Shares, representing approximately 7.52% of the then issued and outstanding Common Shares. Immediately following the Transaction, Orion beneficially owned 7,427,509 Common Shares, representing approximately 6.39% of the then issued and outstanding Common Shares.

Orion's disposition of the Common Shares in the Transaction was made in the ordinary course of its business operations. Orion has no current plan or future intentions which relate to, or would result in, acquiring securities of Aurcana, disposing of securities of Aurcana, or any of the other actions requiring disclosure under the early warning reporting provisions of applicable securities laws. Depending on market conditions, Orion's view of Aurcana's prospects and other factors considered relevant by Orion, Orion may acquire securities of Aurcana from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of Aurcana.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Aurcana at www.sedar.com. To obtain a copy of the early warning report, you may also contact Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP at 212-596-3497. Orion's address is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda. Orion's ownership of Common Shares is now below the reporting threshold prescribed by applicable securities laws.

Forward-Looking Information

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Orion's future intentions regarding the securities of Aurcana. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Orion is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Orion Mine Finance