Toronto (pcJ News Briefs) – Aurania Resources Ltd. (TSX-V: ARU) announced today in connection with its proposed acquisition of EcuaSolidus SA, it intends to raise $6 million through a brokered and non-brokered private placements of 3,000,000 subscription receipts at $2.00 per subscription receipt for gross proceeds of $6,000,000.
Maison Placements Canada Inc. and Red Cloud Klondike Strike Inc. will co-lead the borkered portion of up to 2,000,000 subscription receipts for gross proceeds of up to $4 million.
The agents and Aurania Resources will have the right to increase the offering by 15% for a total of 3,450,000 Subscription Receipts for gross proceeds of $6,900,000.
Proceeds from the offering are specifically allocated to the transaction for property exploration, loan repayments and working capital.
On March 1, 2017, Aurania Resources announced the proposed acquisition of a related party company that holds all rights, title and interest in 42 mineral exploration licences covering 207,764 hectares (approx. 2,080 square kilometre) over the core of the Cordillera de Cutucu, a mountain range in the foothills of the Andes, in Ecuador. An exploration program is planned consisting of airborne geophysics and a regional stream silt sampling program with reconnaissance geological work. This transaction is subject to shareholder and regulatory approval.
photo credit: Aurania Resources