Aurion Resources Ltd.

October 30, 2009 18:59 ET

Aurion Completes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2009) - Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) is pleased to announced that it has completed its recently announced private placement (the "Offering") for 6,999,000 units ("Units") at a price of CDN$0.15 per Unit for aggregate gross proceeds of CDN$1,049,850. Each Unit consists of one common share in the capital of Aurion (a "Common Share") and one transferrable Common Share purchase warrant (a "Warrant") of Aurion. Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share for a period of 36 months from the date hereof at an exercise price of CDN$0.25 per Warrant. If, after March 1, 2010, the closing trading price of the Common Shares on the TSX Venture Exchange (the "Exchange") or other recognized exchange is equal to or greater than $0.40 for a period of 30 consecutive trading days, Aurion shall have an option at its sole discretion to provide a written notice to accelerate the expiry (the "Acceleration Notice") advising the Warrant holders that they shall have 21 business days following the date of the Acceleration Notice to exercise their Warrants and any unexercised Warrants after the expiry of the 21st business day following the Acceleration Notice shall expire with no further rights and privileges attached thereto.

The Offering was conducted on a non-brokered basis. However, Aurion granted 384,930 Units to certain finders in connection with the Offering.

All securities issued pursuant to the Offering are subject to a hold period until March 1, 2010. The Offering is subject to final approval by the Exchange. The proceeds of the Offering will used for advancing Aurion's mineral projects and for general working capital.

About Aurion

Aurion completed its Initial Public Offering (IPO) in October 2008, during the global financial crisis, to pursue emerging resource opportunities in the ensuing environment. It recently announced the acquisition of two gold-silver projects in Mexico. 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 potential acquisition in Mexico and globally.

Forward-Looking Statement

The statements contained in this release relating to use of proceeds of the Offering by Aurion and Aurion's strategy to advance its project to a stage which will attract potential joint venture partners constitute forward-looking information. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Aurion. The material factors and assumptions with respect to the forward-looking information contained in this release include: exploration programs for Aurion remaining the same as scheduled and no significant decrease in the price of gold and silver. Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include: weather conditions which prevent Aurion from carrying out its exploration programs, general economic and business conditions and changes in the regulatory regulation. Aurion cautions the reader that the above list of risk factors is not exhaustive. 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. Actual future results may differ materially. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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.

Contact Information

  • Aurion Resources Ltd.
    Mike Basha
    (709) 699-8300
    Aurion Resources Ltd.
    Richard Graham
    (604) 488-8717