ORA - Aura Gold tsx - Page 6

Aura Gold arranges $70-million equity offering

2007-04-10 07:45 ET - News Release

Mr. Patrick Downey reports

AURA GOLD ANNOUNCES CDN$70 MILLION PRIVATE PLACEMENT FINANCING

Aura Gold Inc. has entered into an agreement with a syndicate led by Canaccord Capital Corp., which have agreed to purchase, on an underwritten private placement basis, 87.5 million subscription receipts, at a price of 80 cents per subscription receipt, for total gross proceeds of $70-million.

Each subscription receipt shall be deemed to be exchanged, without payment of any additional consideration and subject to adjustment, for one common share of the company on the earlier to occur of: (i) the escrow release time (as defined below); and (ii) the final escrow deadline (as defined below), in respect of the subscription receipts which remain outstanding after giving effect to the return of the escrowed funds (as herein defined) provided for below.

The company also has agreed to grant to the underwriters an option to purchase up to an additional 37.5 million subscription receipts, at the issue price per subscription receipt and on the same terms and conditions as under the base offering, exercisable any time, in whole or in part, up to 48 hours prior to the closing date (as defined below). If the underwriters' option is exercised in full, the total additional gross proceeds to the company will be $100-million.

Aura Gold plans to use the net proceeds of the offering to advance the Arapiraca project located in Brazil, for the exploration and development of the company's mineral projects, including the Arapiraca project, and for general corporate working capital purposes. The acquisition of the Arapiraca project by the company is described in more detail in the press release of the company dated April 3, 2007.

Upon the closing of the offering, 25 per cent of the gross proceeds of the offering shall be delivered to the company, with the remaining 75 per cent of the gross proceeds of the offering to be deposited in escrow.

The escrowed funds will be released from escrow to the company (after deducting the applicable underwriters' commission) contemporaneously with the closing of the acquisition, provided that the following conditions have been satisfied before the escrow release time:

1. all conditions precedent to the closing of the acquisition shall have been satisfied or waived to the satisfaction of the underwriter, acting reasonably; and
2. to the extent required in accordance with the rules of the Toronto Stock Exchange (the TSX), the acquisition and the issuance of the underlying shares pursuant to the offering, shall have been approved by the shareholders of the company.

In the event that either: (i) the escrow release conditions are not satisfied by the escrow release time; or (ii) the closing of the acquisition does not occur on before 115 days after the closing date, the escrowed funds, plus any accrued interest earned thereon, shall be returned pro rata to each holder of the subscription receipts in exchange for that number of subscription receipts held by such holder multiplied by the escrow ratio.

The subscription receipts will be offered in each of the provinces of Canada, offshore jurisdictions and in the United States, on a private placement basis, pursuant to an exemption from the requirements of the United States Securities Act of 1933, as amended. Subject to restrictions in respect of sales from control blocks, the subscription receipts and the underlying shares will be subject to a four-month hold period in Canada.

The offering is scheduled to close on or about May 1, 2007, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX.

$1.08

up 14 cents!

This one continuing to hold steady, closing at 1.03. Management is too powerful for this one to fail. NR about consolidation scared off retailers and the retailers were picked off, including a chunk of mine. Still holding a good number from the low 40s.

climb continuing. i am starting to sell off my holdings here.

only sold 15k but still holding a good position. close at 1.10

ORA.to Seems like its got some

momo going, is there some news coming out soon or is this still running from the last news? Either way I think I may jump in monday, I jumped in TAM.V and I feel like this is going to follow its path....

This is the thread for ORA.

Hit a high of $1.29. climb continues. Insider buying also continues.

out of my last shares this morning. on average, over a 3 bagger gain

financing closed and this is going higher. up to 1.27 today.

high of 1.39 today.

1.19 down 0.12
Good time to get in.

sold out of this one at about 1.25 for a triple but I see the stock continued to climb. c'est la vie.

Aura Gold acquires Arapiraca project, names director

Aura Gold Inc (C:ORA)
Shares Issued 63,710,718
Last Close 7/17/2007 $1.54
Wednesday July 18 2007 - News Release

Mr. Patrick Downey reports

AURA GOLD INC.: ACQUISITION OF ARAPIRACA PROJECT COMPLETED; RELEASE OF $85 MILLION FROM ESCROW; UPDATE ON CORPORATE ACTIVITIES

A special meeting of Aura Gold Inc.'s shareholders was held on July 13, 2007, with all resolutions presented at the meeting approved by shareholders of the company.

Further details of matters approved at the meeting are set out in the company's information circular dated June 15, 2007, which is available under the company's profile on SEDAR.

Arapiraca project

The company is pleased to announce that it has closed its previously announced acquisition of the Arapiraca copper-gold development project located in the state of Alagoas in northeastern Brazil from Zoneplan Ltd. and Repalla Inc. The company has issued a total of 320 million common shares as consideration for the acquisition, 70 million of such shares being subject to certain escrow restrictions.

Work has commenced on the Arapiraca project with drilling under way on the Serrote da Laje deposit. Two rigs are currently on site, with a third rig scheduled to arrive in late July, 2007. The company plans to drill approximately 20,000 metres of infill and step-out drilling at Serrote da Laje in 2007, leading up to an updated National Instrument 43-101 resource calculation in the fourth quarter, followed by a preliminary economic evaluation. This new resource is expected to include iron and nickel, as well as copper and gold.

The company is also completing the construction of a sample preparation facility under the supervision of SGS Laboratories. This facility will allow on-site third party sample preparation, which will reduce the turnaround time for assaying.

A detailed 250-line-kilometre ground magnetic survey has been completed on the Caboclo target and the data are currently being processed. This will help to better define drill targets in the area prior to drilling in August, 2007. A separate geological team is being hired to explore several known targets in the area.

Private placement financing

The company previously announced in Stockwatch the closing of a private placement on May 1, 2007, of 126 million subscription receipts for gross proceeds of $100.8-million. Upon closing of the private placement, approximately 11 per cent of the net proceeds were released to the company, with the balance placed in escrow. The company has satisfied the conditions for the release of the funds in escrow and the remaining net amount of approximately $85-million has been delivered to the company. In accordance with the subscription receipt indenture dated May 1, 2007, each subscription receipt has been deemed exchanged without payment of any additional consideration for one common share of the company. All such common shares are subject to resale restrictions until Sept. 2, 2007.

Corporate developments

The company is pleased to announce that William Murray, PEng, has agreed to join the board of directors of the company, effective July 14, 2007. Mr. Murray has over 30 years of international mining experience in operations, engineering and construction. He is currently president and chief executive officer of PolyMet Mining Corp., where he has been instrumental in developing and advancing the large-scale polymetallic NorthMet project located in the Minnesota Iron Range.

Mr. Murray previously worked in senior management positions at Denison Mines, Anglo American Corp. and Fluor Daniel. Most notably, in the mid-1980s, Mr. Murray was part of a consortium that bought Placer's Craigmont copper mine, located in British Columbia, principally for its byproduct iron in the form of magnetite. Mr. Murray was directly responsible for the successful design, construction and operation of the magnetite recovery plant, which is still in operation.

John Burzynski will be stepping down from the board. The company would like to thank Mr. Burzynski for his valuable contributions to the board since his appointment.

With shareholder approval received at the meeting, the company will be proceeding with the implementation of the following in due course:

* 2007 stock option and share compensation plan pursuant to which the number of options and bonus shares that may be authorized, granted and available under the plan will be 10 per cent of the company's issued and outstanding common shares as at the date of grant. The plan will replace the previous plan;
* Change in the name of the company to Aura Minerals Inc., or such other name as may be acceptable to the director appointed under the Canada Business Corporations Act and the Toronto Stock Exchange;
* Consolidation of the company's authorized capital on the basis of one new common share for every five existing common shares, subject to adjustment, and the amendment of the company's articles accordingly.

The company wishes to advise that PricewaterhouseCoopers LLC, in Vancouver, B.C., has been appointed as the new auditor of the company, effective as of July 6, 2007, subject to all regulatory approvals. With the recent relocation of the company's offices to Vancouver, the current auditor, McGovern, Hurley, Cunningham LLP, whose offices are located in Toronto, have resigned effective July 6, 2007.

Anybody buying. Saw the CEO on BNN last nite and was very impressed. After buying producing mines from Yamana the price should move up. Of course they have to spend some money to get the mines updated.

Anyone picking up any stake in this after the dip?