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Aurania Provides Update on $4,000,000 Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - August 23, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OT...
About this update from Aurania Resources Ltd.
[{"type":"text","content":"Aurania Provides Update on $4,000,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - August 23, 2019) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (\"Aurania\" or the \"Company\") wishes to provide an update on the non-brokered private placement previously announced (see news release dated July 18, 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 Units and underlying securities are subject to a customary four months and a day hold period. The Units 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 anticipates closing the first tranche (the \"First Tranche\") of the Offering in the week of August 26, 2019 and expects to close subsequent tranche(s) of the Offering in the second half of September 2019.It is anticipated that Dr. Keith Barron, Chairman and CEO of the Company, will participate in the First Tranche by acquiring 402,962 Units through corporate entities over which he has direction and control. Dr. Barron's participation in the Offering will constitute a \"related party transaction\" under the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company expects to rely on the exemption from the formal valuation requirements of MI 61-101 available on the basis of the securities of the Company not being listed on specified markets, including the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, th...