AUX Resources Sees Eric Sprott Invest $2.0 Million In Company Following Assay Results

It appears that certain big name investors took notice of the excellent drill results posted by AUX Resources (TSXV: AUX) yesterday. The company this afternoon announced that the well known mining financier Eric Sprott will be taking a stake in the firm under a non-brokered private placement.

The placement will see Sprott take down a $2.0 million investment in the company, while another unnamed strategic investor will purchase units as well to maintain their stake in the company. All told, the company will raise gross proceeds of $2.5 million under the non-brokered financing.

The financing will see units of the company sold at a price of $0.225 per unit. Each unit contains one common share and one common share purchase warrant, with each warrant valid for a period of two years from the date of issuance, and contain an exercise price of $0.40 per share.

AUX Resources last traded at $0.295 on the TSX Venture.


FULL DISCLOSURE: AUX Resources Corporation is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover AUX Resources Corporation on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Augusta Gold Reports 880,000 Ounces Of Gold In Maiden Resource Estimate At Bullfrog

Augusta Gold Corp. (TSX: G) today released the results of its maiden mineral resource estimate...

Wednesday, July 14, 2021, 10:52:00 AM

Probe, Midland Release Joint Venture Exploration Update

Midland Exploration (TSXV: MD) and Probe Metals (TSXV: PRB) this morning announced that they have...

Tuesday, October 6, 2020, 08:45:49 AM

Xander Resources Acquires Property In Fenelon Gold Camp

Xander Resources (TSXV: XND) has entered into a definitive agreement to acquire what is referred...

Thursday, May 21, 2020, 09:44:33 AM

Kirkland Lake Beats Guidance, Producing 302,857 Ounces Of Gold In Q1 2021

Kirkland Lake Gold (TSX: KL) this morning announced its production results for the first quarter...

Friday, April 9, 2021, 09:08:13 AM

Mako Mining: Surprise 70% Reduction In Resource Estimate Is A Cause For Concern

In an October 19 announcement with little industry precedent, Mako Mining Corp. (TSXV: MKO) announced...

Sunday, November 1, 2020, 05:07:00 PM