Auranova Resources plans private placement to raise up to $4M

Auranova Resources Inc. (TSXV: AURA) announced a non-brokered private placement of up to $4,000,000 through a combination of flow-through shares and units, according to a company press release.

The offering includes up to 3,333,333 flow-through common shares at $0.30 per share and up to 12,000,000 units at $0.25 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at $0.50 for one year from the closing of the offering.

The company may pay eligible finders a cash commission of 6% of gross proceeds. All securities issued will be subject to a hold period of four months plus one day from the date of issuance.

Proceeds from the unit sales will be used for general working capital, while proceeds from the flow-through shares will fund Canadian exploration expenses qualifying under the Income Tax Act (Canada) and the Taxation Act (Ontario). The qualifying expenses are to be renounced in favor of subscribers with an effective date no later than December 31, 2026.

The closing is subject to regulatory approvals, including approval from the TSX Venture Exchange. Auranova explores precious metal projects in the Red Lake region of Ontario.

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