Vancouver, British Columbia, February 11, 2021 – 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.
For further information please see www.auxrc.com or contact:
Ian Slater, Chief Executive Officer
+1 604 638 2545
Mars Investor Relations
+1 604 715 6845