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Auryn Resources closes additional C$4.9M in non-brokered private placement

The money will be funneled into continued surface exploration at its Sombrero and Curibaya projects

Auryn Resources Inc - Auryn closes additional C$4.9M in non-brokered private placement
Auryn, advancing a portfolio of seven assets across North and South America, raised a total of C$15 million in February

Auryn Resources Inc (TSE:AUG) (NYSEAMERICAN:AUG) said Friday that due to “increased interest,” a second allotment has closed in its previously announced non-brokered private placement, through an additional 3,062,500 shares being issued at C$1.60 per share for proceeds of C$4.9 million. 

The junior exploration company which is advancing a portfolio of seven assets across North and South America with a highly-skilled team and some impressive investors, raised a total of C$15 million by issuing 9,375,000 shares in February, putting the company on a strong financial footing. 

No commissions were paid on the second allotment, said the company. 

READ: Auryn Resources receives environmental permit for Sombrero copper-gold project in Peru

"2020 is going to be an exciting year for Auryn shareholders as the company is anticipating drill permits for two major discovery opportunities in Peru,” said Ivan Bebek, who is an executive chairman and director with Auryn Resources. 

“The company appreciates the continued support that it receives from shareholders and insiders in these financings and is pleased to welcome additional accretive investors," he added.

Auryn said the proceeds will be funneled into continued surface exploration at its Sombrero and Curibaya projects located in southern Peru and for general working capital.

The company’s flagship Sombrero copper-gold project consists of the North Sombrero and South Sombrero properties spreading over 130,000 hectares owned or optioned by Auryn. The Sombrero mining concessions are located 340 kilometers southeast of Lima in southern Peru and are hosted in the Andahuaylas-Yauri belt. Meanwhile, Auryn acquired 100% ownership of the promising Curibaya property in 2015.

The shares issued under the offering are subject to a four-month hold period under Canadian securities laws.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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Price: 3.29 CAD

TSX:AUG
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