Aureus MiningInc. has completed the two-tranche equity financing with MNG GoldJersey Ltd. to raise gross proceeds of US$30 million, and the managementchanges are now effective.
The company said July 15 that it issued 331,111,209 newcommon shares at a price of 3.21 British pence per share, or 4.53 U.S. centsapiece, raising gross proceeds of US$15 million.
Meanwhile, the US$12.3 million promissory note issued to MNGunder the first tranche, which also included an issue of 59,533,674 commonshares to raise about US$2.7 million, was also automatically converted into271,577,546 shares.
Following the transaction, MNG holds a 55% stake in Aureusand has appointed three representatives to its board.
Serhan Umurhan is the new CEO of the company, Geoff Eyre isthe new CFO, and Mehmet Nazif Gunal has taken up the nonexecutive chairman role.
David Reading, Karin Ireton and Adrian Reynolds haveresigned as Aureus directors, whilst David Netherway, Loudon Owen and Jean-GuyMartin will continue on the board.