
Monday, May 30, 2011 10:32:48 PM
May 30, 2011
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Aura Silver Resources Inc. (TSX-V:AUU) ("Aura Silver" or the "Company") announces the appointment of Union Securities Ltd. ("Union") to act as its agent, on a commercially reasonable basis, to offer, by way of a brokered private placement, up to 6,000,000 flow-through units (the "Units") at a price of $0.25 per Unit for gross proceeds of up to $1,500,000 (the "Offering"). Each unit will consist of one flow-through common share and one non-flow-through common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire, upon exercise, one common share at a price of $0.30 per share for a period of 24 months from the closing date of the Offering. Additionally, warrants will be callable during the 24 month period, at the option of the Company, should the Company's common shares trade above $0.60 for twenty consecutive trading days on the TSX Venture Exchange. Subscribers will be notified of the call provision being triggered and will have a 30 day period to exercise the warrants.
In consideration for its services as agent, Union will be paid a commission equal to 8% of the gross proceeds from the Offering, payable in cash. In addition, Union will receive non-transferrable agent's compensation options to acquire that number of non-flow-through units equal to 10% of the number of Units sold and purchased under the Offering. The agent's compensation options will be exercisable for a period of 24 months from the closing date at a price of $0.25 per unit. The Company has agreed to pay certain expenses reasonably incurred by Union in connection with the financing.
The Units issued in the Offering will be subject to a four month hold period from the closing date. This brokered private placement is subject to TSX Venture Exchange acceptance.
Aura Silver intends to use the proceeds of this Offering to fund drilling programs and related exploration costs for its 100% owned Greyhound, Nunavut project. The Company is currently completing additional ground geophysical surveys and has initiated the 2011 drilling program at the Greyhound project (See Press Release #11-04, May 26, 2011). The flow-through share proceeds will be used to incur Canadian exploration expenses prior to December 31, 2012 at the latest. The Company intends to renounce the qualifying expenditures to subscribers for the year ended December 31, 2011.
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