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Aurion Resources Ltd
Symbol AU
Shares Issued 98,876,804
Close 2021-11-25 C$ 1.10
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Aurion closes $16.69-million private placement

2021-11-25 12:20 ET - News Release

Mr. Mark Santarossa reports

AURION COMPLETES BROKERED OFFERING AND NON-BROKERED PARTICIPATION BY KINROSS FOR AGGREGATE PROCEEDS OF C$16.7 MILLION

Aurion Resources Ltd. has completed its previously announced fully marketed private placement and non-brokered private placement for an aggregate of 18,548,167 common shares of the company at a price of 90 cents per common share for aggregate gross proceeds of $16,693,350.

Marketed private placement

Under the offering, the company issued an aggregate of 16,666,667 common shares at a price of 90 cents per common share for aggregate gross proceeds of $15-million, which includes the full exercise of the agent's option.

The offering was led by Red Cloud Securities Inc., as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Cormark Securities Inc., Haywood Securities Inc. and PI Financial Corp. In consideration for their services, the agents received a cash commission equal to 6.0 per cent of the gross proceeds of the offering, other than in respect of certain purchasers on a president list, in which case such cash commission was reduced to 3.0 per cent. Additionally, the agents received broker warrants to purchase such number of common shares equal to 6.0 per cent of the number of common shares issued under the offering, other than in respect of certain purchasers on the president list, in which case such number of broker warrants was reduced to 3.0 per cent. The broker warrants are exercisable at a price per common share equal to the issue price for a period of 24 months from the closing of the offering.

Non-brokered private placement

Under the non-brokered financing, the company issued an aggregate of 1,881,500 common shares at a price of 90 cents per common share for aggregate gross proceeds of $1,693,350. The non-brokered financing was fully subscribed for by Kinross Gold Corp. Kinross exercised its pro rata right granted pursuant to a prior financing to maintain a 9.98-per-cent interest in the issued and outstanding shares of the company.

The net proceeds received by the company from the offering and the non-brokered financing will be used for the exploration and advancement of the company's exploration properties in Finland and for general working capital purposes.

All securities issued in connection with the offering are subject to a four-month-and-one-day statutory hold period ending on March 26, 2022. The offering remains subject to final acceptance of the TSX Venture Exchange.

About Aurion Resources Ltd.

Aurion Resources is a Canadian exploration company listed on the TSX-V and the OTCQX Best Market. Aurion's strategy is to generate or acquire early-stage precious metal exploration opportunities and advance them through direct exploration by the company's experienced team or by business partnerships and joint venture arrangements. Aurion's current focus is exploring on its flagship Risti and Launi projects as well as advancing joint venture arrangements with Kinross Gold, B2 Gold Corp. and Strategic Resources Inc. in Finland.

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