Vancouver, Canada – September 13, 2019 – Auryn Resources Inc. (TSX: AUG, NYSE AMERICAN: AUG) (“Auryn” or the “Company”) is pleased to announce that it has closed the previously announced bridge loan facility (the “Bridge Loan”) for up to CAD $6 million. The first tranche of $3 million has been received by the Company and will be used to fund general working capital.
Bridge Loan Terms
The Bridge Loan consists of two tranches of $3 million, with the advancement of the second tranche conditional upon the mutual agreement of the parties.
The Bridge Loan will bear interest at 10% per annum and will be repayable no later than one year after the date of advancement (the “Maturity Date”); however, the Bridge Loan can be repaid at any time after 90 days of advancement at the discretion of the Company without penalty. The Bridge Loan is secured by a first charge general security agreement over all of the Company’s present and future assets.
In connection with the Bridge Loan, the Company has issued 500,000 bonus warrants which have a term of three years from the date of issue. Each warrant is exercisable into one common share of the Company at a price of $2.00 per common share but cannot be exercised until after the Maturity Date.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.
For further information on Auryn Resources Inc., please contact Natasha Frakes, Manager of Corporate Communications at (778) 729-0600 or firstname.lastname@example.org.