Aura Announces Closing of Private Placement Financing

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[{"type":"text","content":"Aura Announces Closing of Private Placement FinancingOttawa, Ontario--(Newsfile Corp. - May 29, 2019) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") announces that it has closed its non-brokered private placement of units raising proceeds of $220,000 (the \"Offering\"). A total of 4,400,000 units were issued to investors at $0.05 per unit. Each unit consisted of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.07 per share for a period of 36 months following the date of issuance (the \"Warrants\"). In connection with the Offering, the Company has paid eligible finders cash commissions in the amount of $4,800 being 6% of the aggregate proceeds from the sale of units to purchasers introduced by the finders as well as issued an aggregate of 96,000 compensation options (each a \"Compensation Option\"), which is equal to 6% of the number of units sold to purchasers introduced by the finders. Each Compensation Option entitles the finder to acquire a unit (comprising a common share and a Warrant) at an exercise price of $0.05 and is exercisable for 36 months following the date of issuance.The Offering is subject to final approval of the TSX Venture Exchange. All securities issued under the Offering are subject to a statutory hold period until September 30, 2019.Mr. Robert Johansing, President, CEO and director, Mr. John McNeice, Chief Financial Officer and Mr. W. William Boberg a director participated in the private placement and acquired an aggregate of 1,700,000 units for $85,000. The participation of these insiders in the private placement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The board of directors of the Company, with Messrs. Johansing and Boberg abstaining from the vote, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to insiders nor the consideration paid by insiders exceeded 25 percent of the Company's market capitalization. The Company did not file a mate...

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