27 June 2019
Vancouver, Canada – June 27, 2019 – Auryn Resources Inc. (TSX: AUG, NYSE AMERICAN: AUG) (“Auryn” or the “Company”) is pleased to announce that it has arranged a CAD $1.9 million non-brokered flow-through private placement. The placement will consist of approximately 633,334 flow-through common shares (the “FT Shares”) priced at CAD $3.00 per FT Share (the “Offering”).
Ivan Bebek, Executive Chairman & Director:
“With less than 1% dilution of our company, we are able to finance the core drilling of some of our highly prospective high-grade gold targets at Committee Bay this summer. We are very excited to further test the efficacy of artificial intelligence, which was utilized to assist in refining our drill targets. Drilling is anticipated to commence in July.
“Additionally, with the completion of this equity financing, Auryn’s Canadian portfolio is now fully funded for its 2019 programs.”
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.