Aurania Resources (ARU-V) Closes Private Placement And Provides Update On Drill Program In Ecuador
Dec 22, '22 - NR
Aurania Resources Ltd. has closed the second and final tranche of its non-brokered private placement financing of 4,244,598 units of the company for gross proceeds of up to $1,905,569.10 as previously announced on Oct. 31, 2022, Nov. 29, 2022, and Dec. 1, 2022.
An aggregate of 1,827,432 units were sold in the final tranche, and 2,417,166 units in the first tranche, in each case at a price of 45 cents per unit. Each unit is composed of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 75 cents per warrant share at any time for a period of 24 months following the date of issuance.
The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued and issuable in connection with the offering are subject to a hold period of four months plus one day from the date of issuance.
The net proceeds of the offering will be used for drilling and exploration of the company's Lost Cities-Cutucu project in southeastern Ecuador and for general working capital.
For further details concerning the offering, including the first tranche, please see the company's news releases dated Oct. 31, 2022, Nov. 29, 2022, and Dec. 1, 2022.
Update on Tatasham drill program in Ecuador
Drilling commenced at the company's Tatasham porphyry target in southeastern Ecuador in late November and is expected to continue throughout January, 2023. Tatasham is the company's largest geophysical feature identified in the airborne magnetic survey that was conducted over the project area in 2017.
Chairman, president and chief executive officer Dr. Keith Barron commented: "Our team in Ecuador is managing the steep terrain at Tatasham very well, and the drill pad on the side of a slope is an extraordinary feat of engineering. We expect to drill three to four holes at Tatasham to test the target areas that have shown indications of a porphyry system at surface during the Anaconda method mapping program. The results of the mapping program were discussed in our press release dated Nov. 16, 2022."
About Aurania Resources Ltd.
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. 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.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as
well as on Facebook at facebook.com, Twitter at twitter.com,
and LinkedIn at linkedin.com.
For further information, please contact:
Carolyn Muir
VP Corporate Development &
Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com |
