23:01:43 EDT Tue 16 Apr 2024
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Aurania Resources Ltd
Symbol ARU
Shares Issued 67,471,747
Close 2024-01-26 C$ 0.27
Market Cap C$ 18,217,372
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Aurania Resources to extend warrant expiry

2024-01-29 11:16 ET - News Release

Dr. Keith Barron reports


Aurania Resources Ltd. intends to extend the exercise period for a total of 1,996,653 unlisted common share purchase warrants, all of which are exercisable at $1.25 per common share and would otherwise expire on March 28, 2024, or March 30, 2024.

The warrants were issued pursuant to a non-brokered private placement that closed in tranches on March 28, 2022, and March 30, 2022. In the first tranche, 1,586,653 warrants were issued and 410,000 warrants were issued in the second tranche. None of the warrants have been exercised. The company proposes to extend the expiry dates of these warrants by one year, such that the new expiry dates for the warrants will be March 28, 2025, for the first tranche warrants and March 30, 2025, for the second tranche warrants. All other terms and conditions of the warrants remain unchanged. The warrant extension is subject to acceptance by the TSX Venture Exchange.

Dr. Keith Barron, the chief executive officer, director, promoter and a significant shareholder of the company, participated in the first tranche (subscribing through Bambazonke Holdings Ltd., a personal company of Dr. Barron) and accordingly was issued 571,428 of the warrants. The insider participation renders the extension a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). However, the extension is exempt from the requirements of Part 5 of MI 61-101 pursuant to Section 5.1(k) of MI 61-101.

The extension was approved by the members of the board of directors of the company who are independent for purposes of the insider participation, being all directors other than Dr. Barron. No special committee was established in connection with the extension and no materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

For further details concerning the original issuance of the warrants, please see the company's news releases dated March 28, 2022, and March 30, 2022.

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.

We seek Safe Harbor.

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