Auryn to Raise $10 Million and to Amend Bridge Loan

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[{"type":"text","content":"Auryn to Raise $10 Million and to Amend Bridge LoanVANCOUVER, BC / ACCESSWIRE / January 21, 2020 / Auryn Resources Inc. (TSX:AUG)(NYSE American:AUG) (\"Auryn\" or the \"Company) is pleased to announce that it has arranged a CAD $10 million non-brokered private placement. The placement will consist of approximately 6.3 million common shares (the \"Shares\") priced at CAD$1.60 per Share to be issued to accredited investors in Canada and overseas.In conjunction with the equity placement, the Company has agreed with the lender under a September 2019 bridge loan (see September 13, 2019 news release) to amend the loan to add mutual conversion rights of the loan into common shares. The loan terms will provide the lender with a convertibility right into common shares, on the $3 million that has been advanced to-date, at the placement price of $1.60, however, the lender may be required to convert if the Company's shares trade on the TSX at a price of $2.50 or more for any five consecutive trading days prior to the loan's maturity date. The lender has also agreed to reduce the interest rate of the loan to 5% per annum. The completion of the placement and loan amendment are subject to execution of agreements, TSX and NYSE approvals and other customary closing conditions.The Company intends to use the net proceeds from the placement to fund continued surface exploration at its Sombrero and Curibaya projects located in southern Peru and for general working capital. Certain insiders may participate in the placement.The Shares issued under the placement will be subject to a four-month hold period and will not be sold or registered in the United States. While the placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons where permitted by applicable law. Closing of the placement and loan amendment is anticipated to occur on or about January 31, 2020 subject to the closing conditions being achieved by then. The loan amendment and placement transactions are interdependent.A Message from Ivan Bebek, Executive Chairman & Director:\"Auryn continues to see significant financial support for its programs from the financial community. This placement and loan amendment position us to execute on our exploration programs with a robust balance sheet going into 2020, which we believe could be a pivotal year for...

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