logo-loader

Aurion Resources completes previously announced private placements, raising gross proceeds of C$11,411,278

Published: 11:15 23 Feb 2021 EST

Aurion Resources -
Overall an aggregate of 13,425,033 common shares of the company were issued in the offering at a price of C$0.85 each

Aurion Resources Ltd. (CVE:AU) said it has completed its previously announced marketed private placement and non-brokered private placement, raising gross proceeds of C$11,411,278.

The company said the net proceeds of the offering will be used for exploration activities on Aurion's 100%-owned properties in Finland, including drilling at the Risti Property, and for working capital and general corporate purposes.

Overall an aggregate of 13,425,033 common shares of the company were issued in the offerings at a price of C$0.85 each.

READ: Aurion Resources inks agreement for proposed private placement offering to raise aggregate gross proceeds of no less than $5 million

Under the marketed private placement, the company issued an aggregate of 11,855,033 common shares at a price of C$0.85 each for aggregate gross proceeds of C$10,076,778. That offering was led by Cormark Securities on behalf of a syndicate of agents including Haywood Securities, PI Financial and Canaccord Genuity

In consideration for their services, the agents received a cash commission equal to 5.5% of the gross proceeds of the offering, other than in respect of certain purchasers on the President's List, in which case such cash commission was reduced to 2.75%. Additionally, the agents received broker warrants to purchase such number of common shares equal to 5.5% of the number of common shares issued under the uffering, other than in respect of certain purchasers on the President's List, in which case such number of broker warrants was reduced to 2.75%. The broker warrants are exercisable at a price per common share equal to the issue price for a period of 24 months from the closing of the offering.

Under the non-brokered financing, the company issued an aggregate of 1,570,000 common shares at a price of C$0.85 each for aggregate gross proceeds of C$1,334,500. The non-brokered financing was fully subscribed for by Kinross Gold Corporation which exercised its pro-rata right granted under a prior financing to maintain a 9.98% interest in the issued and outstanding shares of the company.

All securities issued in connection with the offering are subject to a four-month-and-one-day statutory hold period, the group said, and the offering remains subject to final acceptance of the TSX Venture Exchange.

Aurion Resources a Canadian exploration company listed on the TSX Venture Exchange and the OTCQX Best Market which has a strategy to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements.  Aurion's current focus is exploring on its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with Kinross Gold Corp., B2 Gold Corp., and Strategic Resources Inc. in Finland.

Contact the author at jon.hopkins@proactiveinvestors.com

Rush Rare Metals Advances Two Key Projects: Uranium in Wyoming and Niobium...

Rush Rare Metals CEO Peter Smith joined Steve Darling from Proactive to share news about the mineral exploration company's focus on its Boxi Property in Quebec and the Copper Mountain Project in Wyoming. The company recently announced the staking of the Knob claims in Wyoming, comprising 52...

33 minutes ago