VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Aurelius Minerals Inc. (TSX.V:AUL) (the “Company” or “Aurelius”) is pleased to announce that is has increased the size of its previously announced private placement to $3.12 million.
Pursuant to an amended agreement, Sprott Capital Partners and Clarus Securities (the “Co-Lead Agents”) on behalf of a syndicate of agents (together, the “Agents”) will sell by way of a private placement common share units (“Common Share Units”) at a price of $0.08 per Common Share Unit and flow-through share units (“Flow-Through Share Units”) at a price of $0.09 per Flow-Through Share Unit, for aggregate gross proceeds of up to $3.12 million.
Each Common Share Unit shall consist of one common share of the Company (a “Common Share”) and one common share warrant (“Common Share Warrant”). Each Flow-Through Share Unit shall consist of one flow-through share of the Company and one Common Share Warrant. Each Common Share Warrant entitles the holder thereof to acquire one Common Share at a price of $0.16 per Common Share for a period of five (5) years following the closing of the Offering (the “Common Share Warrant Expiry Date”).
A maximum of 39 million units are issuable under the Offering, which assumes that the maximum gross proceeds are raised through the issuance of Common Share Units only.
In connection with the Offering, the Company shall pay to the Agents, a cash fee equal to 5.0% of the gross proceeds of the Offering. As additional consideration for the services of the Agents, the Company agrees to grant to the Agents compensation options entitling the Agents to subscribe for that number of Units equal to 8.0% of the aggregate number of Offered Securities sold under the Offering (at the respective Flow-Through Units and Unit prices).
The net proceeds from the Offering will be used by the Company for the upcoming field programs and general working capital purposes.
Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period.
Aurelius is a premier gold exploration company, holding the Mikwam and Lipton Properties within the prolific northern Abitibi Gold belt in Ontario, Canada. The company has a sound management team with experience in all facets of the mineral exploration and mining industry who will be considering additional acquisitions of advanced staged opportunities in the Abitibi and other proven mining districts.