Mar. 4, 2011 (Marketwire) --
ST. JOHN'S, NEWFOUNDLAND -- (Marketwire) -- 03/04/11 -- Aurion Resources Ltd. ("Aurion" or "Company") (TSX VENTURE:AU) is pleased to announce that it has closed a non-brokered private placement, with a strategic group of investors, for the issuance of 4,444,450 units at a price of CDN$0.45 per unit to raise aggregate gross proceeds of CDN$2,000,003. Each unit consists of one common share of Aurion and one full share purchase warrant of Aurion. Each whole share purchase warrant will entitle the holder thereof to acquire one additional common share of Aurion at an exercise price of CDN$0.70 cents per share in the first year following the close of the financing and at an exercise price of CDN$0.85 cents per share in the second year following the close of the financing.
All securities issued under the Offering will be subject to a four-month hold period from the date of issue until July 4, 2011. A finders fee of US$122,045.18 and 271,212 units were paid to Global Market Development (Jeff Philips) in connection with the financing.
The proceeds of the financing will used for advancing the Logan Pass, Nevada Carlin-type gold project, project generation and for general working capital.
Aurion is focused on early stage precious metals exploration in Mexico, Nevada and BC. Its strategy is to advance its projects to a stage which will attract potential joint venture partners. Aurion continues to evaluate other gold-silver projects for acquisition in Mexico, Nevada and globally.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, is the Qualified Person as defined by National Instrument 43-101, and is responsible for the preparation of this release.
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.
On behalf of the Board,
Michael Basha, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Aurion Resources Ltd.
President & CEO