Aurion Resources Ltd. (TSX-V: AU) (OTCQX: AIRRF) announces that it has completed its previously announced marketed private placement, and its non-brokered private placement, for an aggregate of 13,425,033 common shares of the Company at a price of C$0.85 per Common Share for gross proceeds of C$11,411,278.
Marketed Private Placement
Under the Offering, the Company issued an aggregate of 11,855,033 Common Shares at a price of C$0.85 per Common Share for aggregate gross proceeds of C$10,076,778.
The Offering was led by Cormark Securities Inc. on behalf of a syndicate of agents including Haywood Securities Inc., PI Financial Corp., and Canaccord Genuity Corp., (collectively, the “Agents”). In consideration for their services, the Agents received a cash commission equal to 5.5% of the gross proceeds of the Offering, other than in respect of certain purchasers on a president’s list (the “President’s List”), in which case such cash commission was reduced to 2.75%. Additionally, the Agents received broker warrants (the “Broker Warrants”) to purchase such number of common shares equal to 5.5% of the number of Common Shares issued under the Offering, other than in respect of certain purchasers on the President’s List, in which case such number of Broker Warrants was reduced to 2.75%. The Broker Warrants are exercisable at a price per common share equal to the Issue Price for a period of 24 months from the closing of the Offering.
Non-Brokered Private Placement
Under the Non-Brokered Financing, the Company issued an aggregate of 1,570,000 Common Shares at a price of C$0.85 per Common Share for aggregate gross proceeds of C$1,334,500. The Non-Brokered Financing was fully subscribed for by Kinross Gold Corporation. Kinross exercised its pro rata right granted pursuant to a prior financing to maintain a 9.98% interest in the issued and outstanding shares of the Company.
The net proceeds received by the Company will be used for exploration activities on Aurion’s 100%-owned properties in Finland, including drilling at the Company’s Risti Property, and for working capital and general corporate purposes.
All securities issued in connection with the Offering are subject to a four-month-and-one-day statutory hold period. The Offering remains subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Aurion Resources Ltd.
Aurion Resources Ltd. (Aurion) is a Canadian exploration company listed on the TSX Venture Exchange and the OTCQX Best Market. Aurion’s strategy is to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion’s current focus is exploring on its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with Kinross Gold Corp., B2 Gold Corp., and Strategic Resources Inc. in Finland.
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