Aurania - ARU.v entry into Ecuador was driven by Colonial Spanish documents describing the 'lost cities' of Logroño de los Caballeros and Sevilla de Oro – gold mines that
operated between 1562 and 1600.
The Cutucu Project is located in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Aurania Resources Ltd. has closed its previously announced overnight marketed public offering of units of the company, including exercise in full of the overallotment option. A total of 2,679,500 Units were sold at a price of C$4.30 per Unit for gross proceeds of C$11.5 million. Each Unit is comprised of one (1) common share in the capital of the Company (each, a "Common Share") and one-half Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one Common Share at C$5.50 at any time until October 29, 2022. The Offering was completed pursuant to an underwriting agreement dated October 1, 2020 among the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, and a syndicate of underwriters including Canaccord Genuity Corp., Echelon Wealth Partners Inc., Eight Capital, Haywood Securities Inc., and Raymond James Ltd.
Aurania Resources Ltd. is pleased to report that grades of up to 7% copper with 55 grams per tonne silver have been found in the Tsenken N1 target area in its Lost Cities – Cutucu Project in southeastern Ecuador.
