Aurania Announces Closing of Private Placement
TSX-V: ARU
NR 2024-12
AURANIA ANNOUNCES CLOSING OF PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Toronto, Ontario, May 31, 2024 – Aurania Resources Ltd. (TSXV: ARU ; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) announces it has closed the third and final tranche
(“Third Tranche”) of its non-brokered private placement of up to 20,000,000 units (“Units”) for aggregate
gross proceeds of up to C$4,000,000 (the “Offering”). An aggregate of 18, 716,112 Units have been sold
under the Offering for total gross proceeds of C$3,743,222.40.
An aggregate of 3,622,000 Units were sold under the Third Tranche at a price of C$0.20 per Unit (the “Issue
Price”), for Third Tranche gross proceeds of C$724,400.00. No fees were paid to finders in connection with
the closing of the Third Tranche.
Each Unit is composed of one common share in the capital of the Company (a “Common Share”) and one
Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common
Share (a “Warrant Share”) at an exercise price of C$0.45 per Warrant Share at any time until the date which
is twenty-four (24) months from closing date of the applicable tranche of the Offering.
The Offering and the closing of the previous tranches were announced on April 17, 2024, May 9, 2024, and
May 23, 2024.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary
approvals including the approval of the TSXV and the securities regulatory authorities. All securities issued
and issuable in connection with the Offering are subject to a hold period of four months plus one day from
the date of issuance.
The Company intends to use the net proceeds raised from the Offering for exploration and target refinement
at the Kuri-Yawi target area in Ecuador, and for general working capital purposes.
Related Party Transaction and Early Warning Report
Thomas David Ullrich, a director of the Company, acquired 100,000 Units under the Offering, which
constitutes a “related party transaction” as defined under the policies of the TSXV and Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The
Company is relying on exemptions from the minority shareholder approval and formal valuation
requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively,
of MI 61- 101, as the fair market v alue of Mr. Ullrich’s participation in the Offering does not exceed 25
percent of the Company's market capitalization.
The securities described herein have not been, and will not be, registered under the United States Securities
Act, or any state securities laws, and accordingly may not be offered or sold within the United States except
in compliance with the registration requirements of the U.S. Securities Act and applicable state securities
requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or
a solicitation to buy any securities in any jurisdiction.
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.
Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as
well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and
LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward -looking information as such term is defined in applicable securities
laws, which relate to future events or future performance and reflect management’s current expectations
and assumptions. The forward-looking information includes statements regarding the Offering, including
the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including
the approval of the TSXV of the listing of the Common Shares and the Warrant Shares (and the timi ng
thereof), Aurania’s objectives, goals or future plans, statements, exploration results, potential
mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets
profile, the estimation of mineral resources, explorati on, timing of the commencement of operations , and
estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently available to Aurania, including the assumption
that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and
approvals will be obtained, including various local government licenses and the market. Investors are
cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks
and uncertainties that may cause future results to differ materially from those expected. Risk factors that
could cause actual results to differ materially from the results expressed or implied by the forward-looking
information include, among other things, a failure to obtain or delays in obtaining the required regulatory
licenses, permits, approvals and consents, an inability to access financing as needed, a general economic
downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime
governing Aurania, a failure to comply with environmental regulations and a weakening of market and
industry reliance on precious metals and copper. Aurania ca utions the reader that the above list of risk
factors is not exhaustive.