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Auxico Resources Canada Inc
Symbol AUAG
Shares Issued 102,165,191
Close 2023-12-13 C$ 0.115
Market Cap C$ 11,748,997
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Auxico Resources converts $1M (U.S.) into CAN shares

2024-05-16 16:29 ET - News Release

Mr. Pierre Gauthier reports


Subject to the expiration of Auxico Resources Canada Inc.'s sales agency agreement with Central America Nickel Inc. (CAN) with regard to the exclusive trading rights for rare-earth concentrates exported from the Democratic Republic of the Congo (DRC), the company has elected to convert $1-million (U.S.) of capital into common shares of CAN. As per the sales agency agreement entered into and as announced on March 30, 2022, Auxico is entitled to convert its initial one-time payment of $1-million (U.S.) into common shares of CAN at a price of $2.00 per share. At the current exchange rate, a total of 675,676 common shares were issued by CAN in the name of Auxico.

During the term of the sales agency agreement with CAN and as a result of rare earth concentrates sold and exported from the DRC, Auxico had earned and received a total of $599,832 (U.S.).

Auxico continues to develop diversified sources of critical minerals and rare-earth elements originating from Colombia, Bolivia and other prospective projects currently under evaluation.

Resignation of chief financial officer

Auxico also announces the resignation of Jacques Arsenault as chief financial officer (CFO) of the company, effective immediately. Mr. Arsenault, who has been CFO of Auxico since 2016, recently decided to retire from his active accounting practice. The board of directors and management of Auxico thank Mr. Arsenault for his years of service to the company and wish him well in his retirement.

About Auxico Resources Canada Inc.

Auxico Resources Canada is a Canadian company that was founded in 2014 and based in Montreal, trading on the Canadian Stock Exchange (CSE) under symbol AUAG and on the OTC Market under symbol AUXIF. Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia and Bolivia.

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