- Aurania (ARU) has reoriented its corporate strategy and announced a C$1.5M private placement
- The company’s strategy will now focus on exploring for gold and copper at its Ecuadorian mineral concessions
- It expects to close the private placement on or about March 15, 2022
- Aurania Resources is a mineral exploration company focused on precious metals and copper in South America
- Aurania (ARU) is down by 5.06 per cent trading at $0.75 per share
Aurania (ARU) has reoriented its corporate strategy and announced a C$1.5M private placement.
The company’s strategy will now focus on exploring for epithermal gold and porphyry copper at its Lost Cities – Cutucú Project in Ecuador while considering joint ventures and partnerships to advance certain non-core mineral concessions.
It had previously planned a reduction in its Ecuadorian mineral concessions.
“In the case of the Cordillera de Cutucú in Ecuador, Aurania’s exploration results have been extraordinary, to such an extent that the company does not have the confidence at this time to discard any concessions of the 42 held,” stated Keith Barron, Aurania’s CEO.
“All contain minerals of some description, and we don’t want to leave value on the table for the next player,” he added.
The non-brokered private placement will comprise up to 2,142,857 units priced at $0.70.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one common share for $1.25 for 24 months after the closing of the offering.
The company will allocate the proceeds toward field exploration and increased drilling.
It expects to close the offering on or about March 15, 2022.
Barron has committed $400,000 to the offering.
Aurania Resources is a mineral exploration company focused on precious metals and copper in South America.
Aurania (ARU) is down by 5.06 per cent trading at $0.75 per share as of 12:52 pm EST.