Auric Minerals Corp. Announces Issuance of Convertible Debentures in the Principal Amount of $650,000, and Provides Corporate Update
February 13, 2025 6:00 AM EST | Source: Auric Minerals Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Auric Minerals Corp. (CSE: AUMC) ("Auric" or the "Company"), a critical minerals exploration company based in Oakville, Ontario, announces the closing of its previously announced non-brokered financing of convertible debenture units of the Company (the "Debenture Units") for aggregate gross proceeds of $650,000 (the "Placement").
Auric issued 650 Debenture Units pursuant to the Placement. Each Debenture Unit is comprised of: (i) one $1,000 principal amount of a convertible debenture (a "Debenture"); and (ii) 1,000 common share purchase warrants (each, a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.25 for a period of three years. The Debentures have a two-year term and bear interest at a rate of 8%, payable semi-annually in cash or shares (based on the trailing 10-day VWAP, subject to minimum pricing requirements of the CSE) at the option of the Company. The principal amount of the Debentures is convertible into common shares of the Company at a conversion price of $0.95.
The Company paid a cash finders fee of $18,000 to an arm's length party that assisted with securing subscriptions for the Placement. The Company intends to use the net proceeds of the Placement for exploration and technical work on its properties, evaluation and potential acquisition of additional strategic assets, general claim maintenance, corporate and working capital purposes.
In addition to the Debenture Units issued in the Placement, the Company also announces that it has issued 115 Debenture Units to Cronin Exploration Inc. ("Cronin") in lieu of and in full satisfaction of cash payments in the aggregate amount of $115,000 owing to Cronin under its Bub and Route 500 option agreements.
The securities issued in the Offering and to Cronin are subject to a four month hold period.
Auric is pleased to announce that Scott Hayduk is joining its board of directors.
Mr. Hayduk is a Corporate Finance Professional CFA® Charterholder (2003) with 25 years of global investment banking & corporate advisory experience. Mr. Hayduk has global expertise on oil & gas producers, energy infrastructure, oil & gas services and oil & gas technology special situations. He began his career at BMO Nesbitt Burns, then spent most of his career with employee-owned Canadian boutique investment bank Orion Securities, continuing through its acquisition by Macquarie Bank, eventually serving as a director. Mr. Hayduk has served as both director and officer of numerous public and private companies.
The Company announces that Aizhan Chegirtkeeva and Misha Bukshpan have resigned from the Company's board of directors. The board of directors and management of the Company would like to thank both directors for their valued contributions to Auric, and wish them well in their future endeavours.
The current directors of the Company are Chris Huggins, Jaime Zafra, and Scott Hayduk.
About the Company
Auric is a mineral exploration company based in Oakville, Ontario and holds options over the Route 500 and Bub uranium properties in Labrador, the Caboose, Manic, Kawip uranium properties in Quebec, and the Goodeye Property in British Columbia, Canada.
The Canadian Securities Exchange has not reviewed,
approved or disapproved the content of this news release.
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