Aurania Announces Closing of Final Tranche of Private Placement

About this update from Aurania Resources Ltd.

[{"type":"text","content":"Aurania Announces Closing of Final Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - May 19, 2023) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to announce that it has closed the third and final tranche (the \"Third Tranche\") of its non-brokered private placement financing of up to 10,869,565 units of the Company (the \"Units\") for gross proceeds of up to C$5,000,000 (the \"Offering\"). The Offering and the closing of the previous tranches were announced on March 13, 2023, March 23, 2023, and April 25, 2023. An aggregate of 224,703 Units were sold under the Third Tranche at a price of C$0.46 per Unit (the \"Issue Price\"), for Third Tranche gross proceeds of C$103,363.52. An aggregate of 9,253,811 Units have been sold under the Offering for total gross proceeds of C$4,256,753.20. Each Unit is comprised of one common share in the capital of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share (a \"Warrant Share\") at an exercise price of C$0.75 per Warrant Share at any time until the date which is thirty-six (36) months from closing date of the applicable tranche of the Offering. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV 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 Company has used the net proceeds of the first and second tranches to pay concession fees and general and administrative expenses. The Company expects to use the net proceeds from the Third Tranche for general working capital purposes. Dr. Keith Barron, the Chief Executive Officer, President, director, promoter and a significant shareholder of the Company subscribed for an aggregate of 7,413,236 Units under the Offering. Mr. Barron's participation in the Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on an exemption from the formal valuation and minority shareholder approval req...

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