SPY336.74+4.37 1.31%
DIA278.65+4.23 1.54%
IXIC11,251.54+166.29 1.50%

Auryn and Eastmain Announce a CAD $22.5 Million Equity Financing

Auryn Resources Inc. (TSX:AUG) (NYSE-American: AUG) ("Auryn" or the "Company") and Eastmain Resources Inc. (TSX:ER) ("Eastmain") are pleased to jointly announce that Auryn has

 · 

Auryn Resources Inc. (TSX:AUG) (NYSE-American: AUG) ("Auryn" or the "Company") and Eastmain Resources Inc. (TSX:ER) ("Eastmain") are pleased to jointly announce that Auryn has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Beacon Securities Limited in connection with a bought deal private placement financing (the "Bought Deal Offering") of an aggregate of 7,500,000 subscription receipts of the Company (the "Subscription Receipts") to raise gross proceeds of C$22,500,000. The Subscription Receipts will be exchanged for common shares of Auryn concurrently with completion of the recently announced transaction whereby Auryn will acquire Eastmain ("Eastmain Transaction") after spinning-out Auryn's Peruvian operations to Auryn shareholders. The Eastmain Transaction will create Fury Gold Mines Limited ("Fury Gold"), a leading developer of Canadian gold projects. It will also result in two additional new independent companies holding Auryn's Peruvian projects. The sale of Subscription Receipts will fulfill a principal condition of the Eastmain Transaction.