Aurania Resources Ltd. announced a non-brokered private placement of up to 4,444,444 units at a price of CAD 0.45 per unit for total gross proceeds of up to CAD 2,000,000 on October 31, 2022. The transaction will include participation from existing shareholders and other investors. Each unit will consist of one common share and once 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 24 months from the date of closing. The company may pay finders' fee to certain eligible finders of up to 6% in cash of the gross proceeds raised in the transaction. The transaction is subject to approval of the TSX Venture Exchange.

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 November 28, 2022.