Mining Firm Generates CA$8.7M for Project Advancement Exploration
A recent drop in Aurania Resources’ share price due to the financings has created a buying opportunity, a Noble Capital Markets report noted.
In an Oct. 22 research note, Noble Capital Markets analyst Mark Reichman
reported that Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) closed two financings for total net proceeds of CA$8,688,289.
Noble Capital rates Aurania Resources Outperform.
Also, added Reichman, the company’s shares “offer a compelling value” given the recent drop in their price. Shares were trading Friday at about CA$1.17 apiece, which compares to Noble’s price target on Aurania of US$3 a share.
Reichman noted that Aurania intends to use the new capital to continue exploration at and advance its Los Cities–Cutucu project in Ecuador. The Canadian company intends to drill there throughout 2022 with two rigs.
The analyst described the two financings. One was a marketed public offering, which yielded CA$6,903,450 million gross. This resulted from the sale of 3,835,250 units at CA$1.80 apiece. Each unit consisted of one common share and one common share purchase warrant with a CA$2.20 exercise price until October 21, 2026.
The second financing was a nonbrokered private placement of 1,256,037 units, which generated CA$2,260,866.60 in gross proceeds. The terms and conditions were identical to those of the marketed public offering.
Noble Capital rates Aurania Resources Outperform.
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Disclosures from Noble, Aurania, Oct. 22, 2021
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