18:26:05 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Aurania Resources Ltd
Symbol ARU
Shares Issued 40,921,189
Close 2020-09-30 C$ 5.18
Market Cap C$ 211,971,759
Recent Sedar Documents

Aurania Resources arranges $10-million unit offering

2020-09-30 15:58 ET - News Release

Dr. Richard Spencer reports

AURANIA ANNOUNCES OVERNIGHT MARKETED OFFERING

Aurania Resources Ltd. is undertaking an overnight marketed public offering of units of the company for gross proceeds of up to $10-million. The offering is expected to be completed pursuant to an underwriting agreement to be entered into between the company and Cantor Fitzgerald Canada Corp. (as lead underwriter and sole bookrunner) and a syndicate of underwriters.

The number of offered units to be sold, the offering price and the terms of the offered units will be determined in the course of marketing, and there can be no assurance as to completion of the offering. In addition, the company will grant the underwriters an overallotment option exercisable, in whole or in part, in the sole discretion of the underwriters, to purchase up to an additional 15 per cent of the number of offered units sold in the offering for up to 30 days after the closing, on the same terms and conditions as the offering.

The company will pay the underwriters a cash commission equal to 6.0 per cent of the gross proceeds of the offering, including proceeds received from the exercise of the overallotment option, in addition to broker warrants to purchase up to 6.0 per cent of the number of offered units, including the offered units from the exercise of the overallotment option sold in the offering. Each broker warrant shall entitle the underwriters to purchase one unit at the issue price at any time on or before the date on which the warrants issued under the offering are set to expire.

The offered units will be offered by way of a short form prospectus in Canada in the provinces of Ontario, British Columbia and Alberta and in the United States under a private placement. The offered units will not be offered or sold in the United States or to U.S. persons except under Rule 144A or Regulation D or in such other manner as to not require registration under the U.S. Securities Act of 1933, as amended. The offered units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the company and the underwriters provided that no prospectus filing or comparable obligation arises and the company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The offering is expected to close on or about Oct. 14, 2020, and will be subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange for the listing of the common shares and warrants comprising the units.

Anticipated uses of the proceeds of the offering are for exploration and development expenditures at the company's Lost Cities/Cutucu project in Ecuador, initial exploration in adjacent Peru, and for working capital and general corporate purposes. As stated in its Sept. 14, 2020, press release, the company has commenced drilling on the Tsenken N2 copper-silver target and plans to continue its drill program in southeastern Ecuador throughout the coming months.

The preliminary short form prospectus is available on SEDAR. Alternatively, a written prospectus relating to the offering may be obtained upon request by contacting the company or Cantor Fitzgerald Canada in Canada, attention: equity capital markets, 181 University Ave., Suite 1500, Toronto, Ont., M5H 3M7; e-mail: ecmcanada@cantor.com.

About Aurania Resources Ltd.

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, the Lost Cities/Cutucu project, is located in the Jurassic metallogenic belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

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