Auryn Resources Inc. Increases Private Placement to $5.8 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 14, 2015) - Auryn Resources Inc. (TSX VENTURE:AUG)(OTCQX:GGTCF) ("Auryn" or the "Company"), is pleased to announce that it has increased the private placement announced on August 12, 2015 from $4.8 million to $5.8 million as a result of increased demand. The placement will now consist of 4,835,000 units of the Company at a price of $1.20 per unit (the "Offering").
Each unit will consist of one common share and one common share purchase warrant. Each purchase warrant is exercisable into a common share of the Company at a price of $1.70 per share for a period of 24 months (the "Warrant"). In the event that the Company's common shares trade at a closing price on the TSX Venture Exchange of equal or greater than $2.40 per share for a period of 20 consecutive trading days at any time after four months after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The Company intends to use the net proceeds for general working capital and primarily to further the development of the Committee Bay Gold Project in Nunavut.
The shares under the Offering will be subject to a four-month hold period and will not be registered in the United States. Some referral fees will be paid within the policies of the TSX Venture Exchange to eligible persons.
Closing of the Offering will occur on September 16, 2015 and is subject customary final approval of the TSX Venture Exchange.
On Behalf of the Board
Shawn Wallace, President, CEO and Director
About Auryn Resources:
Auryn Resources is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company's management team is highly experienced with an impressive track record of success in the discovery, development, financing and monetizing of mining assets for shareholders.
Auryn has signed an agreement to acquire the remaining issued and outstanding common shares of North Country Gold Corp., whom they are currently working with, under a joint exploration agreement, to advance the Committee Bay Gold Project.
Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Auryn Resources Inc.
(778) 729-0600 or TF 1 800-863-8655
(778) 729-0650
www.aurynresources.com
