Approval on Amendment of Warrant Terms Toronto, Ontario--(Newsfile Corp. - August 20, 2021) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") announces that the TSX Venture Exchange has consented to the proposed amendment of warrant terms as announced on August 6, 2021. A total of 1,043,567 non-broker warrants (the "Warrants") were issued in relation to a private placement financing that closed in three tranches on February 28, March 5 and March 13, 2020. The Warrants carry an exercise price per share of C$4.25 and are scheduled to expire on August 28, September 5 and September 13, 2021, respectively. These Warrants are the only non-listed warrants currently outstanding.
The amended terms include the following: (a) a reduction of the exercise price to C$3.40 per share issuable upon exercise of a Warrant; (b) an extension to the expiry date to March 13, 2022; and (c) an accelerated expiry provision, such that the Warrants will expire on the earlier of the extended expiry date and 30 days following the 10th consecutive trading day on which the closing price of Aurania's shares exceeds the amended exercise price of the Warrants by 15% or more.
The amendments will become effective automatically as of the original date and time of expiry of the Warrants. Prior to the original date and time of expiry of the Warrants, the Warrants will remain in force, unamended, per their original terms and conditions. These amendments do not apply to any Warrants issued to finders or agents as compensation.
Holders of the Warrants may contact the Company at ir@aurania.com or DSA Corporate Services at info@dsacorp.ca, the administrator of the Warrants, should they have any questions or wish to exercise their Warrants. The Company will accept the original certificate representing the Warrants, together with a duly completed exercise form, together with payment made to Aurania Resources Ltd., in accordance with the instructions provided on the certificate representing the Warrants.
The amendments were accepted by the TSX Venture Exchange effective August 19, 2021.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.