Business
Aurania Announces Closing of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - April 17, 2025) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: ...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Announces Closing of First Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - April 17, 2025) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") announces that further to its news release dated April 3, 2025 it has closed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement financing for up to 5,000,000 units (the \"Units\") at a price of C$0.30 per Unit (the \"Issue Price\"), for gross proceeds of up to C$1,500,000 (the \"Offering\"). An aggregate of 3,182,899 Units were sold under the First Tranche for total gross proceeds of C$954,869.70.Each Unit is composed of one common share 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$0.55 for a period of 24 months following the closing of the First Tranche.The Company intends to use the net proceeds from the Offering primarily for general working capital purposes and also may use such proceeds for the payment of any required mineral concession fees in Ecuador.The closing of the First Tranche is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the First Tranche of the Offering are subject to a four-month plus one day hold period commencing on the date of issuance. The Company has the right to increase the size of the Offering by up to 25% and closing of the remaining tranche(s) of the Offering is anticipated to be completed on or around April 24. Related Party Transaction and Early Warning ReportDr. Keith Barron, CEO and a director of the Company, acquired 1,000,000 Units under the Offering (the \"Acquisition\"). The Acquisition constitutes a \"related party transaction\" as defined under the policies of the TSXV and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value of the Acquisition does not exceed 25 ...