Mr. Rasool Mohammad reports
ARYA RESOURCES SECURES STRATEGIC CAPITAL WITH OVERSUBSCRIBED INSIDER-BACKED FINANCING
Arya Resources Ltd. has closed its non-flow-through financing. The company has raised gross proceeds of $510,000 through the issuance of 5.1 million units at a price of 10 cents per unit, exceeding its initial target by 900,000 units.
The financing was supported in part by insider participation. Andrew Cormier, a member of the board of directors, subscribed for 500,000 units, while fellow director Peter Deacon subscribed for one million units.
In connection with the financing, a finder's fee was paid to Canaccord Genuity, consisting of 7-per-cent cash and 7-per-cent finder warrants, consistent with the terms outlined below:
- A cash commission equal to 7 per cent of the gross proceeds from subscriptions introduced by the finder;
- Finder warrants equal to 7 per cent of the total number of units sold to subscribers introduced by the finder. Each finder warrant entitles the holder to acquire one common share on the same terms as the warrants issued under the offering.
Use of proceeds
Proceeds from the flow-through financing will be directed toward eligible exploration expenditures on the company's mineral properties in Saskatchewan. Proceeds from the non-flow-through financing will be used for general working capital purposes.
As per Aryas's March 19, 2025, news release the company has received all the necessary permits for an exploration program including drilling on its Wedge Lake gold project in Saskatchewan.
The issuance of securities and payment of finders' fees are subject to compliance with applicable securities laws and final approval of the TSX Venture Exchange.
About Arya Resources Ltd.
Arya Resources is a Tier 2 listed mining and mineral exploration company. The company is focused on acquiring, exploring and development of precious metals and energy metals including gold, silver, copper, nickel and cobalt in stable jurisdictions.
We seek Safe Harbor.
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