Aurania closes C$1.26M private placement in two tranches

Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) has completed a non-brokered private placement, raising total gross proceeds of C$1,256,634.72 through the issuance of 6,981,304 units, according to a press release.

The offering closed in two tranches. The first tranche raised C$678,263.76 through the sale of 3,768,132 units, while the second and final tranche sold 3,213,172 units at C$0.18 per unit for gross proceeds of C$578,370.96.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at C$0.35 for a period of 24 months from the date of issuance.

The company said it intends to use the net proceeds primarily for exploration at its Thor's Valley epithermal gold project in Iceland, its Balangero nickel-cobalt tailings retreatment project in Italy, and for general working capital.

The closing remains subject to final approval from the TSX Venture Exchange. Securities issued under the offering are subject to a four-month plus one day hold period from the applicable closing date of each tranche.

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