7 July 2020
Auryn Resources Inc. is pleased to announce the conversion of the 2019 bridge loan by the loan holder into common shares, thereby leaving Auryn debt-free.
The company will issue a total of 1,952,084 common shares (the “Shares”) to the Lender at a price of CAD $1.60 per Share in accordance with the loan amendment that was completed on February 6th, 2020. From the total, 1,875,000 Shares will be issued for the $3 million principal loan and 77,084 Shares will be for $123,334 of interest that accrued at a rate of 10% per annum up to the date of the loan amendment. The balance of the interest on the loan, that accrued at a rate of 5% per annum, will be paid to the Lender in cash.
“We are pleased with the Lender’s decision to convert the loan to equity. It demonstrates confidence in our ability to continue to improve shareholder value going forward. The Company is now debt-free, actively exploring again in Peru and looking forward to a busy second half of 2020," said Ivan Bebek, Executive Chairman & Director.