MONTREAL, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce that it has completed the first tranche of a non-brokered private placement of 2,550,000 units (“Units”), issued at a price of $0.20 per Unit, for gross proceeds of $510,000. Each unit consists of one common share (“Common Share”) and one-half transferable common share purchase warrant (“Warrant”). Each full Warrant entitles the holder to acquire one additional Common Share of the Company at a price of $0.40 per Common Share for two years from the date of issuance.
The Company paid finder’s fees of $35,000 in connection with the private placement.
The net proceeds of the private placement will be used for geological work on the Company’s Zamora Property in Mexico and its mining interests in Colombia, and for general working capital. More specifically, Auxico will begin geological work in Colombia to evaluate coltan opportunities there, as per the Company’s news release of July 10, 2018.
The Company intends to close one or more additional tranches of this private placement on the same terms as presented above, for total gross proceeds (in all tranches) of up to $1,500,000.
Mark Billings, President of the Company stated, “We are very pleased with the support that we have received from investors in completing the first tranche of this private placement, and we publicly thank them for their confidence in Auxico. We also intend on closing additional tranches of this private placement, as the summer now draws to a close. Funds from the private placement will enable us to move ahead with our analysis of many interesting mining opportunities in Colombia.”
ON BEHALF OF THE BOARD OF DIRECTORS
| « signed » | « signed » | |
| Pierre Gauthier | Mark Billings | |
| CEO, Auxico Resources Canada Inc. | President, Auxico Resources Canada Inc. | |
| pg@auxicoresources.com | mb@auxicoresources.com | |
| Cell: +1 514 299 0881 | Cell: +1 514 296 1641 |
About Auxico Resources Canada Inc.
Auxico Resources Canada Inc. (“Auxico”) is a Canadian company that was founded in 2014 and based in Montreal. Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia and Mexico.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.