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Aurania Closes Private Placement and Provides Update on Drill Program in Ecuador
Toronto, Ontario--(Newsfile Corp. - December 22, 2022) - Aurania Resources Ltd. (TSXV: ARU) (OTC...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Closes Private Placement and Provides Update on Drill Program in EcuadorToronto, Ontario--(Newsfile Corp. - December 22, 2022) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to announce that it has closed the second and final tranche (the \"Final Tranche\") of its non-brokered private placement financing of 4,244,598 units of the Company (the \"Units\") for gross proceeds of up to C$1,905,569.10. (the \"Offering\"), as previously announced on October 31, 2022, November 29, 2022 and December 1, 2022.An aggregate of 1,827,432 Units were sold in the Final Tranche and 2,417,166 Units in the first tranche (the \"First Tranche\"), in each case at a price of C$0.45 per Unit (the \"Issue Price\"). 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 for a period of 24 months following the date of issuance. The closing of 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 net proceeds of the Offering will be used for drilling and exploration of the Company's Lost Cities-Cutucu Project in southeastern Ecuador and for general working capital.For further details concerning the Offering, including the First Tranche please see the Company's news releases dated October 31, 2022, November 29, 2022 and December 1, 2022. Update on Tatasham Drill Program in EcuadorDrilling commenced at the Company's Tatasham porphyry target in southeastern Ecuador in late November and is expected to continue throughout January 2023. Tatasham is the Company's largest geophysical feature identified in the airborne magnetic survey that was conducted over the Project area in 2017.Chairman, President and Chief Executive Officer, Dr. Keith Barron commented, \"Our team in Ecuador is managing the steep terrain at Tatasham very well, and the drill pad on the side of a slope is ...