Aurania Resources Ltd (OTCMKTS:AUIAF) Stock Continues To Trend Higher

Aurania Resources Ltd (OTCMKTS:AUIAF) on May 19, 2023, announced closing the third and final tranche of the non-brokered private placement financing of about 10,869,565 units for gross proceeds of C$5,000,000. The closing of previous tranches were announced on March 13, 2023, March 23, 2023, as well as April 25, 2023.  

Aurania Announces Closing Of Final Tranche Of Private Placement

While 224,703 Units were sold under the third tranche at C$0.46 per Unit for gross proceeds of C$103,363.52, an aggregate of 9,253,811 Units were sold under the Offering for total gross proceeds of C$4,256,753.20.   

Every unit is comprised of a single common share in the capital of the firm and a single Common Share purchase warrant. Every warrant entitles the holder to buy a common share at an exercise price of C$0.75 per Warrant Share, up to thirty-six months from the closing date of the tranche. The offering is subject to some conditions, based on all necessary approvals. The firm has harnessed net proceeds from previous tranches for paying administrative and general expenses. It is expecting to utilize net proceeds from the third tranche for general working capital purposes.  

Dr. Keith Barron, the Chief Executive Officer, President, and significant shareholder subscribed for 7,413,236 Units under the Offering. Mr. Barron’s participation is a “related party transaction” within Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.