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Auric Minerals Corp. ( (TSE:AUMC) ) has provided an update.
Auric Minerals Corp. has completed a debt settlement by issuing 1,028,570 common shares at a deemed price of $0.28 per share, extinguishing $288,000 in obligations related to past consulting and legal services. The new shares are subject to a four‑month statutory hold period, and the move effectively preserves cash while modestly diluting existing shareholders, reflecting a balance‑sheet cleanup strategy typical for early‑stage explorers.
Chief executive and director Chris Huggins participated in the transaction with 53,571 shares, making it a related‑party deal under Canadian securities rules, though Auric relied on exemptions from formal valuation and minority approval requirements due to its market listing status and transaction size. The settlement underscores ongoing support from insiders and may enhance the company’s financial flexibility as it advances uranium and gold exploration projects in Canada’s Labrador and British Columbia regions.
More about Auric Minerals Corp.
Auric Minerals Corp. is a Canadian mineral exploration company based in Oakville, Ontario, focused primarily on uranium assets in Labrador’s Central Mineral Belt and Quebec, along with the Goodeye gold property in British Columbia. The company holds a 100% interest in more than 26,500 hectares across the English Lake, Otter Lake and Kan projects in Labrador, and an exclusive option to acquire full ownership of the Goodeye Property near Rossland, B.C., positioning it in key mineralized corridors with uranium and gold exploration potential.
Average Trading Volume: 58,181
Technical Sentiment Signal: Sell
Current Market Cap: C$7.98M
For a thorough assessment of AUMC stock, go to TipRanks’ Stock Analysis page.