Aurelius Minerals Inc (TSX-V:AUL, OTCQB:AURQF) said it has closed the final tranche of its non-brokered private placement, raising aggregate gross proceeds of $30,000.
The placement was for 100,000 common shares priced at $0.10 each and 166,667 flow-through shares priced at $0.12 each.
The company said it paid 6% commission on one of the subscriptions totaling $1,200 on this final tranche.
Together with the previously-closed tranches, the company has issued an aggregate of 2,950,000 common shares at a price of $0.10 each for aggregate gross proceeds of $295,000, and 1,001,667 flow-through shares at a price of $0.12 each for gross proceeds of $120,200, taking the total aggregate gross proceeds to $415,200.
READ: Aurelius Minerals closes non-brokered private placement for aggregate gross proceeds of $385,200
The net proceeds from the common share offering will be for corporate and general working capital purposes, the company said.
Additionally, an amount equal to the gross proceeds from the sale of flow-through shares will be used to incur or be deemed to incur eligible "Canadian exploration expenses" as defined under the Income Tax Act (Canada) related to the Aureus Gold projects located in Nova Scotia, on or before December 31, 2023, the company said.
“The company will renounce to the purchasers of the flow-through shares such Canadian exploration expenses with an effective date of not later than December 31, 2022,” it added.
Aurelius is a gold exploration company focused on advancing its Aureus Gold Properties, including Aureus East and West, the Tangier Gold Project and the Forest Hill Gold Project located in Nova Scotia.
Contact the author at jon.hopkins@proactiveinvestors.com