October 25, 2021 (Investorideas.com Newswire) A recent drop in Aurania Resources’ share price due to the financings has created a buying opportunity, a Noble Capital Markets report noted.
In an Oct. 22 research note, Noble Capital Markets analyst Mark Reichman
reported that Aurania Resources Ltd. (ARU:TSX.V; AUIAF:OTCQB) closed two financings for total net proceeds of CA$8,688,289.
Also, added Reichman, the company’s shares “offer a compelling value” given the recent drop in their price. Shares were trading Friday at about CA$1.17 apiece, which compares to Noble’s price target on Aurania of US$3 a share.
Reichman noted that Aurania intends to use the new capital to continue exploration at and advance its Los Cities-Cutucu project in Ecuador. The Canadian company intends to drill there throughout 2022 with two rigs.
The analyst described the two financings. One was a marketed public offering, which yielded CA$6,903,450 million gross. This resulted from the sale of 3,835,250 units at CA$1.80 apiece. Each unit consisted of one common share and one common share purchase warrant with a CA$2.20 exercise price until October 21, 2026.
The second financing was a nonbrokered private placement of 1,256,037 units, which generated CA$2,260,866.60 in gross proceeds. The terms and conditions were identical to those of the marketed public offering.
Noble Capital rates Aurania Resources Outperform.
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Disclosures from Noble, Aurania, Oct. 22, 2021
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