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Aurania Closes a $2.78 Million First Tranche of the $4,000,000 Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OT...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Closes a $2.78 Million First Tranche of the $4,000,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - August 27, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to announced that it has closed the first tranche (the \"First Tranche\") of the non-brokered private placement previously announced (see news releases dated July 18, 2019 and August 23, 2019) for units of the Company (the \"Units\") at a price of C$2.70 per Unit, for total gross proceeds of up to C$4,000,000 (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 $4.00 for a period of 18 months following closing of the Offering. The Offering includes an over-allotment option, allowing Aurania to issue up to an additional 370,370 Units for additional gross proceeds of up to C$1,000,000.The First Tranche consisted of the sale of 1,030,862 Units for the gross proceeds of C$2,783,264. In connection with the First Tranche eligible finders were paid C$18,128 in cash compensation and were issued 6,714 compensation warrants (\"Compensation Warrants\") for their assistance with the First Tranche. Each Compensation Warrant is exercisable into a Common Share at C$4.00 per Common Share for 24 months form the issuance. The Units, the Compensation Warrants and underlying securities are subject to a customary four months and a day hold period. The Units, the Compensation Warrants 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 Company expects to close a subsequent tranche(s) of the Offering prior to the end of September 2019.In connection with the First Tranche, Dr. Keith Barron, Chairman and CEO of the Company, acquired 402,962 Units through a corporate entity over which he has direction and control. Dr. Barron's participation in the First Tranche constitute...