Proceeds slated for drilling, exploration, geophysics and soil surveys
By Devika Patel
Knoxville, Tenn., Sept. 10 - Aura Silver Resources Inc. said it increased a private placement of units to C$2 million from C$1 million. Union Securities Ltd. and Dundee Securities Corp., will be the co-lead agents for the deal, which priced Aug. 9. In addition, the company is offering up to C$1 million in flow-through units.
The company will sell 12.5 million units at C$0.16 apiece and 5,555,555 flow-through units at C$0.18 apiece on a commercially reasonable basis. Each unit consists of one common share and one warrant. Each flow-through unit consists of one flow-through common share and one warrant.
Each two-year warrant will be exercisable at C$0.25. The strike price reflects a 25% premium to the Aug. 6 closing share price of C$0.20.
Proceeds will be used for drilling and exploration, working capital, general corporate requirements and to fund fall 2010 IP geophysics and soil surveys as well as a spring 2011 drilling program for the Greyhound, Nunavut project.
Aura is a precious metals exploration and development company based in Brampton, Ont.
| Issuer: | Aura Silver Resources Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$3 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Union Securities Ltd., Dundee Securities Corp. (co-leads)
|
| Pricing date: | Aug. 9
|
| Stock symbol: | TSX Venture: AUU
|
| Stock price: | C$0.20 at close Aug. 6
|
| Market capitalization: | C$10.05 million
|
|
|
| Units
|
| Amount: | C$2 million
|
| Units: | 12.5 million
|
| Price: | C$0.16
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 5,555,555
|
| Price: | C$0.18
|
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