Business
Aurania Closes Second Tranche of Financing for Proceeds of $4.16M
Toronto, Ontario--(Newsfile Corp. - March 6, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQ...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Closes Second Tranche of Financing for Proceeds of $4.16MToronto, Ontario--(Newsfile Corp. - March 6, 2020) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") is pleased to announced that it has closed the second tranche (the \"Second Tranche\") of the previously announced non-brokered private placement for gross proceeds of C$4,164,065.70 (see press releases dated February 19, 2020 and February 28, 2020). Together with the proceeds from the first tranche that closed on February 28, 2020, the Company has received C$5,633,434.70‬ in gross proceeds to date.Details of the Private PlacementOn February 19, 2020, the Company announced a non-brokered private placement for units of the Company (the \"Units\") at a price of C$3.10 per Unit, for total gross proceeds of up to C$8,000,000 (the \"Offering\"). Each Unit consist 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 C$4.25 for a period of 18 months following closing of the Offering. The Offering includes an over-allotment option, allowing the Company to issue up to an additional 774,193 Units for additional gross proceeds of up to C$2,400,000. The Second Tranche of the Offering consisted of the sale of 1,343,247 Units for the gross proceeds of C$4,164,065.70. Together with the proceeds from the sale of 473,990 Units of C$1,469,369 pursuant to the first tranche of the Offering that closed on February 28, 2020, the Company has received C$5,633,434.70‬ in gross proceeds from the Offering to date. The Company aims to close another tranche of the Offering in the coming weeks. Use of ProceedsThe Company intends to use the net proceeds raised from the sale of the Units to advance exploration in the Lost Cities - Cutucu Project and environs, including corporate social responsibility work required to obtain access to concession areas, basic exploration including field work and sampling, the completion and interpretation of geophysics surveys to refine specific target areas and to drill gold, silver and copper targets, and for general working capital purposes. Hold PeriodThe Units and underlying securities are subject to a customary four months an...