{"id":1204742,"date":"2020-08-31T13:47:37","date_gmt":"2020-08-31T18:47:37","guid":{"rendered":"https:\/\/resourceworld.com\/?p=59541"},"modified":"2020-08-31T13:47:37","modified_gmt":"2020-08-31T18:47:37","slug":"auryn-resources-raising-22-5-million-in-bought-deal-financing","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1204742","title":{"rendered":"Auryn Resources raising $22.5 million in bought deal financing"},"content":{"rendered":"

Auryn Resources Inc.<\/strong> [AUG<\/a>-TSX, NYSE American] said Monday August 31 that it has arranged for a bought deal private placement that is expected to raise $22.5 million from the sale of 7.5 million subscription receipts of the company.<\/p>\n

The subscription receipts will be exchanged for common shares of Auryn concurrently with the completion of Auryn\u2019s recently announced plan to acquire Eastmain Resources Inc.<\/strong> [ER<\/a>-TSX] following the spin-out of Auryn\u2019s Peruvian projects to Auryn\u2019s shareholders and completion of the concurrent financing.<\/p>\n

The transaction will result in the creation of Fury Gold Mines Ltd.<\/strong> and two independent spin-out entities which will hold Auryns\u2019 Peruvian projects.<\/p>\n

Auryn shares eased 5.07% or 14 cents to $2.62 on volume of 185,447 shares traded.<\/p>\n

Auryn, a 12%-owned affiliate of Newmont Goldcorp Corp.<\/strong>, [NGT<\/a>-TSX; NEM<\/a>-NYSE], has been focused on scalable high-grade gold deposits in established mining jurisdictions, including Committee Bay and Gibson MacQuoid projects in Nunavut, Homestake Ridge in northwestern British Columbia and a portfolio of projects in southern Peru.<\/p>\n

Auryn will combine its Canadian operations with Eastmain\u2019s assets (Eau Claire and Eleonore South Joint Venture, Quebec).<\/p>\n

Auryn\u2019s Peruvian portfolio includes the Huilacollo and Curibaya properties in Tacna province. The company also has the option to acquire the copper-gold Sombrero property 340 km southeast of Lima.<\/p>\n

\u201cWe are excited to welcome these investors as new shareholders of Fury Gold and to position the company with $22.5 million to carry out its aggressive growth plans through exploration and development over the next 12 months,\u201d said Ivan Bebek, Executive Chairman of Auryn.<\/p>\n

\u201cWith this financing condition met, we look forward to commencing our planned 50,000-metre drill program commencing this fall to expand the Eau Claire high-grade gold deposit following the closing of the Eastmain transaction.\u201d<\/p>\n

Under the terms of the transaction, with subscription receipts are being concurrently sold in two tranches. The first tranche will be priced at $2 each for gross proceeds of $5 million. The second tranche will be issued at $3.50 each, and will be exchanged for Fury Gold shares, which are designated as flow-through shares.<\/p>\n","protected":false},"excerpt":{"rendered":"

Auryn Resources Inc. [AUG-TSX, NYSE American] said Monday August 31 that it has arranged for…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[622],"tags":[48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204742"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1204742"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204742\/revisions"}],"predecessor-version":[{"id":1204743,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204742\/revisions\/1204743"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1204742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1204742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1204742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}