22:51:27 EDT Tue 16 Apr 2024
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Aurania Resources Ltd
Symbol ARU
Shares Issued 67,471,747
Close 2024-01-29 C$ 0.26
Market Cap C$ 17,542,654
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Aurania Resources enters loan agreement with CEO

2024-01-30 11:00 ET - News Release

Dr. Keith Barron reports


Aurania Resources Ltd.'s chairman, president and chief executive officer, Dr. Keith Barron, has agreed to provide a loan of up to $1-million to the company to be advanced from time to time in principal amounts as agreed by the parties.

The loan is unsecured, bears interest at 2 per cent per annum and matures upon notice of 12 months and one day from the lender. The loan will help finance the company's working capital and general corporate purposes as well as any exploration expenses in Ecuador. As of the date hereof, $100,000 has been advanced under the loan.

Dr. Keith Barron is a related party of the company by virtue of the fact that he is the chairman, the president and chief executive officer, a promoter and a principal shareholder of the company, and as a result, each advance and repayment under the loan constitutes a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying upon an exemption from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the related party transactions, in reliance on sections 5.5(a) and 5.7(1) of MI 61-101, respectively, as the fair market value of the related party transaction, collectively, does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company did not file a material change report related to the loan more than 21 days before the expected closing of the loan as required by MI 61-101, as the company wished to organize the loan on an expedited basis for sound business reasons.

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

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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