Friday, June 16, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
All resolutions passed. Aurania Resources hosted an Annual and Special Meeting on June 14th during which shareholders approved all resolutions, including the election of directors, the appointment of Aurania’s external auditor, the incentive stock option plan for the upcoming year, and amendments to the company’s restricted stock unit plan. The formal part of the meeting was followed by an update from Aurania’s Chairman, President and CEO, Dr. Keith Barron. We anticipate the company may elaborate on Dr. Barron’s comments during the meeting shortly.
Interim funding. Dr. Barron recently extended the company an unsecured loan of C$2,000,000 bearing an interest rate of 2% per annum. The loan will help fund the company’s corporate expenses and working capital needs, along with exploration expenses in Ecuador. The company will likely need to raise additional capital to fund its exploration and drilling plans for the remainder of the year.
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