VANCOUVER, BC, Feb. 11, 2021 /CNW/ - AUX Resources
Corporation (TSXV: AUX) (OTC: AUXRF) is pleased to announce
that following the release of favorable drill results from its
Georgia project that Eric Sprott will take a $2,000,000 stake in AUX through a non-brokered
private placement financing ("Placement") along with an
existing strategic investor who will maintain their stake.
The Placement consists of 11,188,889 units ("Units") at a
price of $0.225 per Unit for gross
proceeds of $2,517,500. Each Unit
consists of one common share ("Common Share") and one full
common share purchase warrant ("Warrant"). Each Warrant is
exercisable into one Common Share at a price of $0.40 per common share for 24 months.
Proceeds will be used primarily to fund exploration on AUX's
projects and for general working capital. A 2% finder's fee
is payable in cash or Units. Closing of the Placement remains
subject to the approval of the TSX Venture Exchange.
About AUX Resources
AUX holds more than 27,000 hectares of strategic claims in the
Stewart Mining Camp in the Golden Triangle of British Columbia, which is among the world's
most prolific mineralized districts, including the high-grade gold
Georgia Project centred on the past-producing Georgia River Mine.
The Georgia River Mine, which last operated in 1939 with a head
grade of 22.6 g/t gold, contains 1.2 kilometres of underground
access on three levels. AUX is actively consolidating the Stewart
Mining Camp.
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. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking. Although
AUX believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions and regulatory and administrative approvals,
processes and filing requirements. There can be no assurances
that such statements will prove accurate and, therefore, readers
are advised to rely on their own evaluation of such
uncertainties. We do not assume any obligation to update any
forward-looking statements.
SOURCE AUX Resources Corporation
