- Aurania Resources (ARU) has announced a non-brokered private placement financing
- The company will issue up to 10,869,565 units at a price of C$0.46 per unit for total gross proceeds of up to C$5,000,000
- Aurania intends to use the net proceeds raised to pay concession fees and for exploration of its The Lost Cities – Cutucu Project in Ecuador
- 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
- Aurania Resources Ltd. (ARU) opened trading at $0.57 per share
Aurania Resources (ARU) has announced a $5M non-brokered private placement to fund the exploration of its The Lost Cities – Cutucu Project in Ecuador.
The company will issue up to 10,869,565 units at a price of C$0.46 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of C$0.75 per warrant share for a period of 36 months following the closing of the offering.
The company reserves the right to increase the size of the offering by up to 25 per cent of the size offering, such that up to an additional 2,717,391 units may be issued to raise additional gross proceeds of up to C$1,250,000.
Certain directors and officers of the company are expected to acquire more than 25 per cent of the units under the offering.
The offering is expected to close on or about April 4, 2023, and may close in tranches.
In addition to the exploration of its The Lost Cities – Cutucu Project in Ecuador, Aurania intends to use the net proceeds raised to pay concession fees and for general working capital and corporate purposes.
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.
Aurania Resources Ltd. (ARU) opened trading at $0.57 per share.