ST. JOHN’S, Newfoundland, Sept. 07, 2017 (GLOBE NEWSWIRE) -- Aurion Resources Ltd. (TSX VENTURE:AU) is pleased to announce that the Company has negotiated a non-brokered private placement of common shares with Kinross Gold Corporation (“Kinross”) at a price of $2.32 per Common Share (the “Issue Price”). On closing, Kinross will own 9.98% of the then issued shares of Aurion. Based on the currently issued and outstanding share capital of Aurion, the private placement will result in the issuance of 6,853,500 shares, for gross proceeds to the Company of $15,900,120 (the “Private Placement”).
The net proceeds from the Private Placement will be used by the Company for exploration and development of its properties in Finland, and for working capital and general corporate purposes.
The Private Placement is expected to close on or about September 13, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX Venture Exchange.
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date.
Mike Basha the President and CEO of Aurion stated: “We are delighted to welcome Kinross as one of our major shareholders. This significant investment by Kinross validates Aurion’s exploration model in the Central Lapland Greenstone Belt, and provides the necessary capital to rapidly advance our comprehensive exploration plans of which the primary focus is the Aamurusko prospect. We also look forward to having access to Kinross’s technical expertise via the formation of a joint technical committee as Aurion’s programs move forward.”
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
