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Aurania Resources Ltd
Symbol ARU
Shares Issued 46,868,398
Close 2021-09-13 C$ 2.41
Recent Sedar Documents

Aurania arranges $5-million private placement

2021-09-13 17:50 ET - News Release

Dr. Richard Spencer reports

AURANIA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UNITS

Aurania Resources Ltd.'s board of directors has given its approval for a non-brokered private placement of up to 2,083,334 units at $2.40 per unit for gross proceeds of up to $5-million, subject to receipt of all applicable regulatory approvals. Each unit will consist of one common share in the capital of the company and one-half of one warrant, with each whole warrant exercisable into one common share at a price of $3 for a period of 24 months after closing.

Closing

Closing of the offering may occur in one or more tranches, but is anticipated to be completed on or about Sept. 30, 2021, or such other date or dates that the company may determine, subject to the receipt of all necessary regulatory approvals, including (but not limited to) the receipt of approval from the TSX Venture Exchange.

Use of proceeds

It is anticipated that the net proceeds from the offering will be used to advance exploration in the company's Lost Cities-Cutucu project in Ecuador, including drilling of gold, silver and copper targets, basic exploration including fieldwork and sampling, and corporate social responsibility work with communities within and immediately adjacent to the concession area, and for general working capital purposes. Notwithstanding the foregoing, there may be occasions where, for sound business reasons, management of the company determines to vary the use of proceeds from those uses previously described, depending on future operations or unforeseen events or opportunities.

Hold period

The securities issued pursuant to the offering shall be subject to a four-month-plus-one-day hold period commencing on the day of the closing of the offering under applicable Canadian securities laws. The offering is subject to the approval of the TSX Venture Exchange.

Finders

Subject to the approval of the TSX Venture Exchange, the company may pay finders' fees to certain eligible finders of up to 7 per cent in cash of the gross proceeds raised in the offering with subscribers introduced to the company by such finders.

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. 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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