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Aurania Announces Closing of $6.47 Million Non-brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 13, 2020) -  Aurania Resources Ltd. (TSXV: ARU...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Announces Closing of $6.47 Million Non-brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 13, 2020) -  Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (\"Aurania\" or the \"Company\") is pleased to announce that it has closed the third and final tranche (the \"Third 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\"). 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 Offering was conducted in three tranches. The Third Tranche consisted of the sale of 269,902 Units for gross proceeds of C$836,696. Together with the proceeds from the sale of 1,817,237 Units for aggregate proceeds of C$5,633,434.90 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. Use of ProceedsThe Company intends to use the net proceeds raised from the sale of the Units 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. Hold PeriodThe Units and underlying securities are subject to a customary four months and a day hold period under applicable Canadian securities laws. The Units and underlying securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the \"U.S. Securities Act\") or applicable state securities laws and may not be offered or sold in the United States or to U.S. Persons (as defined in the U.S. Securities Act) without registration, or exemption from registration, under such laws. The Offering is subject to the requisite approval of the TSX Venture Exchange.About AuraniaAurania is a mineral exploratio...