Aurania Resources - CEO, Keith Barron (left).
CEO, Keith Barron (left).
Source: Aurania Resources.
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  • Aurania Resources (ARU) has closed its previously announced overnight marketed public offering for gross proceeds of approximately $6.9 million
  • The company has upsized its non-brokered private placement up to 1,256,037 units, resulting in gross proceeds of $2,260,866.60
  • The private placement is expected to close later today (October 21)
  • Aurania is a mineral exploration company focused on precious metals and copper in South America
  • Aurania Resources Ltd. (ARU) is down 2.69 per cent, trading at C$1.45 per share at 10:15 am ET

Aurania Resources (ARU) has closed its previously announced overnight marketed public offering for gross proceeds of approximately $6.9 million.

The company issued a total of 3,835,250 units at a price of $1.80 per unit. Each unit is comprised of one common share and one purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of $2.20 at any time until October 21, 2026.

Cantor Fitzgerald Canada Corporation acted as lead underwriter and sole bookrunner, and the syndicate of underwriters included Canaccord Genuity Corp. and Echelon Wealth Partners Inc. The over-allotment option was fully exercised by the underwriters.

Aurania has paid the underwriters a cash commission of 6 per cent of the gross proceeds from the offering and issued compensation units. 

Aurania is also pleased to announce that its previously announced non-brokered private placement will be upsized to a maximum of 1,256,037 units, resulting in gross proceeds of up to $2,260,866.60. The private placement is expected to close later today (October 21). 

The net proceeds from the public offering will be used for exploration expenditures at the Lost Cities – Cutucu Project in Ecuador and for working capital and general corporate purposes.

Net proceeds raised in the private placement will provide additional working capital.

The TSXV has conditionally accepted for listing the 3,835,250 Warrants underlying the units issued. The Warrants will be listed under the symbol ARU.WT.B effective on or about October 29, 2021.

Aurania is a mineral exploration company focused on precious metals and copper in South America.

Aurania Resources Ltd. (ARU) is down 2.69 per cent, trading at C$1.45 per share at 10:15 am ET.

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