Aurion Resources Ltd said it has increased the size of a previously announced private placement of its shares to as much as $13.5 million from $10 million due to significant investor demand.
The exploration company said Red Cloud Securities Inc is acting as lead agent and sole bookrunner on behalf of a syndicate of agents for the fully marketed offering of up to 15 million common shares at C$0.90 each.
The agents also have an option, exercisable in full or in part up to 48 hours before the closing of the offering, to sell up to an additional 1,666,667 shares for additional gross proceeds of up to C$1.5 million, it added.
READ: Aurion Resources identifies gold in till anomalies from sampling at its Risti and Launi properties in Finland
"The company plans to use the net proceeds of the offering for the exploration and advancement of the company's exploration properties in Finland and for general working capital purposes," it said in a statement.
Aurion said the offering is scheduled to close on or around November 25, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The offered shares will have a hold period of four months and one day from the closing date of the offering, it added.
Aurion Resources is a Canadian exploration company that acquires early-stage precious metals exploration opportunities. It has a portfolio of properties in Finland, including its flagship Risti and Launi projects, as well as joint venture agreements with Kinross Gold, B2Gold Corp and strategic resources in Finland
Contact the author at stephen.gunnion@proactiveinvestors.com
— Updated with new figures —