Aurania Resources Ltd (CVE:ARU) (OTCMKTS:AUIAF) (FRA:20Q) said it has completed its previously-announced overnight marketed public offering of 2.5 million units of the company at a price of C$3.10 per unit, raising gross proceeds of about C$7.8 million.
Aurania noted the offering proceeds will be used for the company’s scout drilling program, which is designed to drill test various target areas identified by its geological and geophysical programs on the Lost Cities-Cutucú Project in Ecuador, as well as for working capital and general corporate purposes.
Each unit of the offering was comprised of one company share plus one share purchase warrant, entitling the holder to purchase one share at a price of C$4.25 at any time until April 1, 2024.
READ: Aurania Resources is on the hunt for gold at its Lost Cities-Cutucu project in Ecuador
The warrants are expected to be listed on the TSX Venture Exchange on or about April 9, and will trade under the symbol ‘ARU.WT.A’.
Cantor Fitzgerald Canada acted as lead underwriter and sole bookrunner along with a syndicate of underwriters including Canaccord Genuity Corp and Echelon Wealth Partners Inc.
In connection with the offering, Aurania has paid to the underwriters a cash commission of 6% of the offering’s gross proceeds and issued compensation warrants equal to 6% of the units sold under the offering.
Aurania Resources is a Toronto-based junior explorer with its flagship asset, the Lost Cities-Cutucu project in the eastern foothills of the Andes mountain range in southeastern Ecuador.
The Lost Cities-Cutucu project lies along-trend of a mineral belt that hosts a well-endowed mineral belt that contains 26 million ounces of gold and almost 40 billion pounds of copper in the Cordillera del Condor region of the country.
Contact Sean at sean@proactiveinvestors.com