TORONTO - AURORA ENERGY RESOURCES has closed its initial public offering, raising $25.0 million through the sale of 6.94 million shares. Aurora's common shares are listed on the Toronto Stock Exchange and trade under the symbol AXU.
Aurora is owned 50.2% by FRONTEER DEVELOPMENT GROUP of Vancouver, but its interest may be further modified to 49.3% if the underwriters exercise their full over-allotment option before the end of April. ALTIUS MINERALS of St. John's, Newfoundland, holds approximately 19.9% of Aurora.
Aurora was created to hold the Michelin uranium deposit and other such properties in the Central Mineral Belt of Newfoundland. The new company has a budget of $14.5 million to explore these properties during the rest of 2006. The website, parts of which are still under construction, is at www.Aurora-Energy.ca.
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