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Aurania Announces Non-Brokered Private Placement of up to C$5.0M
Toronto, Ontario--(Newsfile Corp. - March 13, 2023) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB:...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Announces Non-Brokered Private Placement of up to C$5.0MToronto, Ontario--(Newsfile Corp. - March 13, 2023) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") announces that it intends to complete a non-brokered private placement financing of up to 10,869,565 units of the Company (the \"Units\") at a price of C$0.46 per Unit (the \"Issue Price\") for total gross proceeds to the Company of up to C$5,000,000 (the \"Offering\"). Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share (a \"Warrant Share\") at an exercise price of C$0.75 per Warrant Share for a period of 36 months following the closing of the Offering.The Company reserves the right to increase the size of the Offering by up to 25% of the size Offering, such that up to an additional 2,717,391 Units may be issued to raise additional gross proceeds of up to C$1,250,000.FindersSubject to the approval of the TSX Venture Exchange (the \"TSXV\"), the Company may pay finders' fees to certain eligible finders of up to 7% in cash of the gross proceeds raised in the Offering from subscribers introduced to the Company by such finders and up to 7% in finders warrants (the \"Finders Warrants\") of the aggregate number of Units placed by such finders. Each Finder Warrant will entitle the holder thereof to purchase one (1) Unit at the Issue Price and will be exercisable for a period of 36 months from the closing of the Offering. Each Finder's Warrant will be comprised of one Common Share and one Warrant. Insider ParticipationCertain directors and officers of the Company are expected to acquire more than 25% of the Units under the Offering. Such participation will be considered to be a \"related party transaction\" as defined under the policies of the TSX-V and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company anticipates 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 neither the fair market value of the Common Shares to be acquired by the participating dire...