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Auryn and Eastmain meet financing condition to create Fury Gold

The Eau Claire property

The Eau Claire property

1st September 2020

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Toronto-listed Auryn Resources on Monday announced a C$22.5-million bought-deal private placement financing, which is a key condition of a recently announced transaction with fellow listed Eastmain Resources, which would create Fury Gold Mines.

Auryn entered into an agreement with a syndicate of Canadian underwriters for an aggregate of 7.5-million subscription receipts, which would be exchanged for common shares of Auryn at the completion of the Eastmain transaction.

In late July, Auryn announced that it would acquire Eastmain after spinning-out its own Peruvian operations to shareholders. The transaction would create a Canadian projects developer, Fury Gold Mines, and result in two additional new independent companies holding Auryn's Peruvian projects.

"We are excited to welcome these investors as new shareholders of Fury Gold and to position the company with $22.5-million to carry out its aggressive growth plans through exploration and development over the next 12 months.

“With this financing condition met, we look forward to our planned 50 000 m drill programme commencing this fall to expand the Eau Claire high-grade gold deposit, following the closing of the Eastmain transaction,” said Auryn chairperson and director Ivan Bebek.

Edited by Creamer Media Reporter

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