as would Buckshot say, this is not investment advice, do your own DD.

How is it possible that the board or management can authorise a private placement, including one only available to Kinross and at such a low price? I would have thought that the shareholders have to make decisions when such placement or decisions affect their share value or their voting capacity?

without doing the DD for you, I understand that the board is authorized to issue up to 25% of the total in new shares without going to the shareholders for approval.

What is management to gain from this transaction; if their gain is more than the normal shareholder then, how could they have made this decision impartially considering their own gain?

other than their existing options and shares, they gave themselves 2,000,000 options at $4.60 4 days prior to the deal being conceived with K Add on top of that a couple years salary and a couple years bonuses kicked in for each of the board members.

Did Kinross or their directors or management have any direct or indirect interest in Aurelian and did any of them take part in the decision from Aurelian to approve the deal?

I believe the offer states Kinross did not buy any shares of ARU in the year prior to the offer, does it included personal shares of the board? You'll have to have a look

Hope that helps

safeharbour