- Aurelius Minerals (AUL) has closed a C$975,000 non-brokered private placement
- The company will use the proceeds for corporate and general working capital purposes, as well as to incur eligible Canadian exploration expenses
- Sprott Private Resource Lending LP increased its holding to approximately 11.1 per cent of the company
- Aurelius is a gold exploration company focused on projects in Ontario and Nova Scotia
- Aurelius Minerals (AUL) is up by 8.62 per cent trading at $0.315 per share
Aurelius Minerals (AUL) has closed a C$975,000 non-brokered private placement.
The company sold 1,560,500 flow-through units for proceeds of $514,965.
Each flow-through unit is priced at $0.33 and comprised of one common share – which qualifies as a flow-through share as defined in the Income Tax Act of Canada – and one-half of one common share purchase warrant on a non-flow-through basis.
It also sold 1,533,339 common share units priced at $0.30 for proceeds of $460,002.
Each unit is comprised of one common share issued on a non-flow-through basis and one-half of one warrant.
Each warrant entitles the holder to acquire one common share priced at $0.40 for 24 months following the closing of the offering.
The company will use common share unit proceeds for corporate and general working capital purposes.
It will use gross proceeds from flow-through shares to incur eligible Canadian exploration expenses – as defined in the Income Tax Act of Canada – related to its Aureus Gold projects in Nova Scotia on or before December 31, 2023.
Sprott Private Resource Lending LP acquired 833,334 common share units from the offering, increasing its holding to approximately 11.1 per cent of the company.
Aurelius expects to close two further tranches in early April for up to $464,000 of flow-through units and up to $135,000 of common share units.
“We are pleased to have been able to attract significant investment interest ahead of next month’s anticipated resource update,” said Mark N.J. Ashcroft, CEO of Aurelius. “We now have the necessary funds to begin work on the next phase of our project.”
Aurelius is a gold exploration company focused on advancing its Aureus Gold properties in Nova Scotia and two district-scale gold projects in Ontario’s Abitibi Greenstone Belt.
Aurelius Minerals (AUL) is up by 8.62 per cent trading at $0.315 per share as of 1:53 pm EST.