Aura International Services Ltd., the company incorporated in the British Virgin Islands, announced that it has acquired the securities of Ecuador Gold and Copper Corp., Canadian exploration and mining company focused on the Condor Gold Project located in the Zamora region of Ecuador.
As a result of the closing of a non-brokered private placement, the BVI companyacquired 9,090,909 common shares of Ecuador Gold, at a price of US$0.11 per share for gross proceeds of US$1,000,000. At the moment, Aura is the beneficial owner of 32,900,433 common shares and 11,904,762 share purchase warrants of the Canadian company, which represent approximately 25.58% of the issued and outstanding voting securities of the Company on a non-diluted basis and 31.89% of the issued and outstanding securities of the Company, assuming exercise of the warrants held by the BVI corporation.
The issued common shares will be subject to a 4-month hold period from the date of issuance. The shares were acquired for investment purposes, and Ecuador Gold may change its beneficial ownership or control depending on market or other conditions.