Archean IPO15 Feb 2021 13:52
TIRIS PROJECT, MAURITANIA (AURA 85%)
Other than additional uranium offtake discussions with US utilities no activity took place on the Tiris Project.
HÄGGÅN BATTERY METALS PROJECT, SWEDEN (AURA 100%)
Activities at the Häggån Battery Metals project remained on care-and-maintenance.
The Swedish compensation claim remains ongoing and Aura continues to be steadfast in action to recover the value of the confiscated asset.
TASIAST SOUTH GOLD PROJECT, MAURITANIA (AURA 100%)
Aura completed a number of additional steps as it moves to finalise its C$4.5 million (A$4.8 million) gold funding transaction with Archean Gold.
As previously advised, this deal, initially sponsored by TSX-listed Chilean Metals, is now being completed with the private vehicle Archean Gold Inc. which will undertake an Initial Public Offering (IPO) on the TSX.
The key items that have been completed are as follows:
· Aura Energy has recently completed the payment of its Entry Fee US$100,000 to Nomads Mining Company sarl to commence the farm-in process of expending US$1,000,000 to secure a 70% equity interest in the Nomads ground.
· Archean Gold has successfully completed due diligence, including a visit to the tenements held by the Company in Mauritania
· Terry Lynch, CEO of Chilean Metals, has confirmed to the Company that he will take on the Chairman of the new gold vehicle, Archean Gold Inc
· A 43-101 Technical report is being prepared and will be available before the listing.
· Mackie Research Capital Corporation has been appointed to lead the Archean Gold Inc IPO on the TSX
· An initial C$500,000 of seed investment has now been committed pre-IPO, with those investors agreeing to follow their investment into the IPO
· The Archean IPO is expected to occur in early Q1 2021.
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