Aurania Resources Ltd (CVE:ARU) (FRA:20Q) has closed its overnight marketed public offering of units which included an overallotment option that raised C$11.5 million to advance its portfolio of mineral properties in South America.
The funds will be directed towards exploration at the firm’s Lost Cities-Cutucu project in Ecuador as well as early-stage exploration at its adjacent Peru properties.
Aurania recently started drilling on the highly prospective Tskenken N2 copper-silver target at Lost Cities-Cutucu and plans to start an additional drill program in southeastern Ecuador in the next few months.
READ: Aurania Resources confirms the extension of the Tirania-Shimpia target on the Lost CIties-Cutucu gold project in Ecuador
In a statement Thursday, the Toronto-based company said a total of 2,679,500 units were sold at C$4.30 apiece. The scheme was upsized from 2.33 million units for initial proceeds of C$10 million.
Each unit is comprised of one share and one-half warrant exercisable at C$5.50 for a two-year period following Thursday’s closing date.
The deal was led by Cantor Fitzgerald Canada Corporation together with a syndicate of underwriters.
Aurania said it paid the underwriters C$690,312 and issued 160,770 compensation warrants exercisable into a unit at $4.30 per each until October 29, 2022.
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