Aurania Announces Closing of $6.47 Million Non-Brokered Private Placement
On March 13, 2020 Aurania Resources Ltd. (“Aurania” or the “Company”) announced that it had closed the third and final tranche of the previously announced non-brokered private placement of units of the Company (the “Units”) at a price of C$3.10 per Unit, for total gross proceeds of C$6,470,131 (the “Offering”). Pursuant to the first and the second tranche of the Offering, the Company has received C$6,470,131 in total gross proceeds from the Offering.
Each Unit consists of one common share of the Company (a “Common Share”) and one-half of a Common Share purchase warrant (each whole warrant a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at an exercise price of C$4.25 for a period of 18 months following closing of the Offering.
The Company intends to use the net proceeds to advance exploration in the Lost Cities – Cutucu Project and environs, including corporate social responsibility work required to obtain access to concession areas, basic exploration including field work and sampling, the completion and interpretation of geophysics surveys to refine specific target areas and to drill gold, silver and copper targets, and for general working capital purposes.
Aurania Resources Ltd. 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. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
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