/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ST.
JOHN'S, NL, March 22,
2023 /CNW/ - Aurion Resources Ltd. (TSXV: AU)
(OTCQX: AIRRF) ("Aurion" or the "Company") is
pleased to announce that it has entered into a letter agreement
(the "Agreement") with Red Cloud Securities Inc.
("Red Cloud") to act as lead
agent and sole bookrunner on behalf of a syndicate of agents
(collectively, the "Agents") in connection with a fully
marketed, private placement for the sale of up to 9,090,909 common
shares of the Company (the "Offered Shares") at a price of
C$0.55 per Offered Share (the
"Offering Price") for gross proceeds of up to C$5,000,000 (the "Offering").
The Company has granted to the Agents an option, exercisable in
full or in part up to 48 hours prior to the closing of the
Offering, to sell up to an additional 1,818,181 Offered Shares at
the Offering Price for additional gross proceeds of up to
C$1,000,000.
The Company plans to use the net proceeds of the Offering for
the exploration and advancement of the Company's projects in
Finland, which includes its Risti
and Launi projects and its joint venture properties with B2Gold
Corp. and Kinross Gold Corporation, as well as for general working
capital purposes.
The Offering is scheduled to close on or around April 12, 2023 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange. The Offered Shares will have a hold period of four months
and one day from the closing date of the Offering.
As consideration for their services, the Agents will receive a
cash commission of 6.0% of the gross proceeds of the Offering and
broker warrants in an amount equal to 6.0% of the aggregate number
of Offered Shares sold pursuant to the Offering. Each broker
warrant will be exercisable to purchase one common share of the
Company at a price of C$0.55 for a
period of 24 months from the closing date of the Offering. Offered
Shares sold to select purchasers will be subject to a reduced cash
commission of 3.0% and broker warrants equal to 3.0% of the number
of Offered Shares sold to such purchasers.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy the Offered Shares, nor shall
there be any sale of the Offered Shares in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such jurisdiction. The Offered Shares being offered will not be,
and have not been, registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold within
the United States or to, or for
the account or benefit of, a U.S. person.
About Aurion Resources
Ltd.
Aurion Resources Ltd. (Aurion) is a well-funded, Canadian
exploration company listed on the TSX Venture Exchange (TSX-V: AU)
and the OTCQX Best Market (OTCQX: AIRRF). Aurion's strategy is to
generate or acquire early-stage precious metals exploration
opportunities and advance them through direct exploration by our
experienced team or by business partnerships and joint venture
arrangements. Aurion's current focus is exploring on its Risti and
Launi projects, as well as advancing its joint venture properties
with B2Gold and Kinross in
Finland.
On behalf of the Board of Directors,
Matti Talikka, CEO
FORWARD-LOOKING
INFORMATION
Certain of the statements made and information contained herein,
including the completion of the Offering and the use of proceeds,
is "forward-looking information" within the meaning of applicable
Canadian securities legislation or "forward-looking statements"
within the meaning the Securities Exchange Act of 1934 of
the United States. Generally,
these forward-looking statements or information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation, satisfaction of the conditions
precedent to the Offering, management's discretion regarding the
use of proceeds risks and uncertainties relating to foreign
currency fluctuations; risks inherent in mining including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, ground control problems and flooding; risks
associated with the estimation of mineral resources and reserves
and the geology, grade and continuity of mineral deposits; the
possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; the
potential for and effects of labour disputes or other unanticipated
difficulties with or shortages of labour or interruptions in
production; actual ore mined varying from estimates of grade,
tonnage, dilution and metallurgical and other characteristics; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; uncertain political and economic environments;
changes in laws or policies, foreign taxation, delays or the
inability to obtain necessary governmental permits; and other risks
and uncertainties, including those described under risk factors in
the Company's current management discussion and analysis. Should
one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements. The forward-looking information
contained herein is presently for the purpose of assisting
investors in understanding the Company's plans and objectives and
may not be appropriate for other purposes. Accordingly, readers are
advised not to place undue reliance on forward-looking statement.
The Company assumes no obligation to update any forward-looking
information or to update the reasons why actual results could
differ from such information unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Aurion Resources Ltd.