Aurania Resources Ltd. announced a non-brokered private placement of up to 10,869,565 units at a price of CAD 0.46 per unit for total gross proceeds of up to CAD 5,000,000 on March 13, 2023. The transaction will include participation from certain directors and officers of the company for more than 25% of the units. Each unit will consist of one common share and one common share purchase warrant of the company.

Each warrant will entitle the holder to purchase one common share at a price of CAD 0.75 per warrant for a period of 36 months from the date of closing. The company may pay finders' fee to certain eligible finders of up to 7% in cash of the gross proceeds raised in the transaction, and up to 7% in finders warrants. Each finder warrant will entitle the holder thereof to purchase one unit and will be exercisable for a period of 36 months from the date of closing.

Each finder's warrant will be comprised of one common share and one warrant. All the securities issued in the transaction will subject to a hold period of four-month plus one day. The transaction is expected to close on or about April 4, 2023, or such other date or dates that the company may determine and may close in tranches.

The closing is subject to the receipt of all necessary regulatory approvals including (but not limited to) the receipt of approval from the TSXV of the listing of the common shares and the warrant shares issuable upon the exercise of the warrants. The company reserves the right to increase the size of the transaction by up to 25%, such that up to an additional 2,717,391 units may be issued to raise additional gross proceeds of up to CAD 1,250,000.