Aurelius Minerals Inc (CVE:AUL) (OTCMKTS:AURQD) (FRA:1GA0) reported that it has closed the final $510,000 tranche of its previously announced non-brokered private placement equity financing, raising gross proceeds of $6,041,000.
The company said net proceeds from the offering will be used for corporate and general working capital purposes.
In total, Aurelius issued 9,393,500 of its common shares on a post-consolidation basis in the two-tranche financing.
The company noted that the final tranche included the issuance of 400,000 company shares for gross proceeds of $240,000 and 400,000 flow-through shares for gross proceeds of $270,000.
The flow-through funds will be used to incur eligible ‘Canadian exploration expenses’ on or before December 31, 2022, as defined under the Income Tax Act (Canada).
Aurelius added the final tranche was sold through Raymond James Ltd and the shares issued are subject to a statutory four-month hold period.
Aurelius Minerals is a gold explorer that is advancing its flagship Aureus gold properties comprising four assets in Nova Scotia.
These assets include the Aureus East mine, which has a 300 tonne per day (tpd) mine and mill – one of only two permitted gold mines and mills in the Canadian province. The company also has the Aureus West, Tangier and Forest Hill properties.
Across all four assets, there are 73,000 ounces of gold in the Indicated category and 354,200 Inferred ounces. Aurelius believes there is extensive resource growth potential, reserve conversion and exploration upside.
Contact Sean at [email protected]
Story by ProactiveInvestors
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