Aurania Resources Ltd. (TSX-V: ARU) (FSE: 20Q) announces that the Company has closed its previously announced overnight marketed public offering of units of the Company including exercise in full of the over-allotment option. A total of 2,507,000 Units were sold at a price of C$3.10 per Unit for gross proceeds of approximately C$7.77 million. Each Unit is comprised of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant shall entitle the holder to purchase one Common Share at C$4.25 at any time until April 1, 2024. The Offering was completed pursuant to an underwriting agreement dated March 18, 2021 among the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, and a syndicate of underwriters including Canaccord Genuity Corp. and Echelon Wealth Partners Inc.

In connection with the Offering, the Company has paid to the Underwriters a cash commission of 6% of the gross proceeds from the Offering and issued to the Underwriters a number of compensation warrants equal to 6% of the Units sold under the Offering. Each Compensation Warrant is exercisable into a Unit at the exercise price of $4.25 per Unit until April 1, 2024.

Anticipated use of the proceeds of the Offering will be applied to Aurania’s scout drilling program, which is designed to drill test various target areas identified by the Company’s geological and geophysical programs on its Lost Cities – Cutucú Project in Ecuador, and for working capital and general corporate purposes.

The Offering was completed pursuant to a short form prospectus in Canada in the provinces of Ontario, British Columbia and Alberta. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The Company is also pleased to announce that the TSX Venture Exchange has conditionally accepted for listing the 2,507,000 Warrants underlying the Units issued pursuant to the Offering. The Warrants are expected to be listed for trading on the TSX Venture Exchange under the symbol “ARU.WT.A” effective on, or about April 9, 2021.

The Warrants are governed by the terms of a Warrant Indenture (the “Warrant Indenture”) dated April 1, 2021 between the Company and TSX Trust Company of Canada as warrant agent, a copy of which will be available under the Company profile at www.sedar.com. For further details regarding the Warrants, please refer to the Warrant Indenture.

The Company intends to complete its previously announced private placement of Units (which will have substantially the same terms and conditions as the Units issued in the Offering) for gross proceeds of up to $1,500,000, during the week of April 5, 2021.

The securities described in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.