Thursday, May 01, 2025
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement financing. Aurania recently closed the first tranche of its previously announced non-brokered private placement financing of up to 5,000,000 units at a price of C$0.30 per unit for gross proceeds of up to C$1,500,000. An aggregate of 3,182,899 units were sold under the first tranche for gross proceeds of C$954,869.70. Dr. Keith Barron, Chairman, President, and CEO, acquired 1,000,000 units under the offering and owns or exercises control over 47,672,635 common shares, 1,752,992 options, and 12,399,135 warrants representing 44.41% and 50.88% of the company’s issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Aurania expects to close the final tranche of its non-brokered private placement on or around May 5.
Loan agreement. Dr. Keith Barron has also agreed to provide a loan of up to US$2,094,500 to the company. The loan will be advanced from time to time in mutually agreed upon principal amounts. The loan is unsecured and bears interest at 2% per annum. The proceeds are expected to be used to fund Aurania’s remaining 2024 mineral concession fees in Ecuador, which are due on May 1.
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