Aurania closes oversubscribed private placement for C$1.9 million

Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) closed an oversubscribed non-brokered private placement financing that raised gross proceeds of C$1,906,355.76, the company announced.

The company issued 15,886,298 units at C$0.12 per unit. Each unit consists of one common share and one warrant that allows the holder to purchase one additional common share at C$0.25 for 24 months following the closing date.

In connection with the offering, Aurania paid finder's fees totaling C$5,118.40 in cash and issued 42,653 compensation warrants to eligible finders. Each compensation warrant allows the holder to acquire one additional unit at C$0.12 per unit for 24 months from the date of issuance.

The company plans to use the net proceeds primarily for exploration programs, general working capital purposes, and a portion will be allocated for the first payment of 2025 mineral concession fees in Ecuador.

Dr. Keith Barron, CEO and director of the company, acquired 5,741,666 units under the offering. The transaction constitutes a related party transaction under TSX Venture Exchange policies and Multilateral Instrument 61-101. The company relied on exemptions from minority shareholder approval and formal valuation requirements as the fair market value of the acquisition does not exceed 25% of the company's market capitalization.

The closing remains subject to receipt of all necessary regulatory approvals, including final approval from the TSX Venture Exchange. All securities issued are subject to a four-month plus one day hold period commencing on the date of issuance.

Aurania is a mineral exploration company focused on precious metals and copper in South America, with its flagship asset being The Lost Cities - Cutucu Project located in southeastern Ecuador.

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