07:52 AM EDT, 07/24/2024 (MT Newswires) -- Aurion Resources ( AIRRF ) said on Wednesday that Kinross Gold ( KGCRF ) will subscribe to a non-brokered private placement that will enable Kinross to maintain its 10% stake in the company, which it has held since September 2017.

Last week, Aurion announced an upsized brokered private placement of up to 11.8 million shares at $0.55 each. The agents were also granted an over-allotment option of up to 2.7 million shares. The Kinross private placement is expected to consist of between 1.6 million to 1.9 million common shares, priced at $0.55 each, Aurion said.

Proceeds from the brokered offering and the Kinross placement will be used to advance Aurion's projects in Finland, and other projects including its joint venture properties with B2Gold Corp. (BTO.TO) and Kinross Gold ( KGCRF ), and for general working capital purposes.