Auryn Closes $1.9 million flow-through funding
11 July 2019
Auryn Resources Inc. is pleased to announce that it has closed its previously announced non-brokered flow-through private placement of 633,334 flow-through common shares (the “FT Shares”) at a price of CAD $3.00 per FT Share (the “Offering”) for gross proceeds of CAD $1.9 million.
The Company intends to use the net proceeds from the Offering to fund its summer exploration program at the Committee Bay gold project in Nunavut.
The FT Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) and will be sold on a charitable flow-through basis. The gross proceeds of the sale of the Offering will be used to fund "Canadian exploration expenses" (within the meaning of the Income Tax Act (Canada)) to be incurred by no later than December 31, 2020 for renunciation to investors in the Offering effective December 31, 2019.
The FT Shares sold under the Offering will be subject to a four-month hold period and will not be offered or registered in the United States.