VANCOUVER, Feb. 17, 2014 /CNW/ - Auryn Resources Inc. (TSXV: AUG) ("Auryn" or the "Company"), is pleased to announce that it has increased the non-brokered financing announced on January 23rd from $500,000 to $575,000 as a result of increased demand. The non-brokered private placement is now complete. The gross proceeds of CAD$575,000 were raised by issuing 1,150,000 common shares of the Company at a price of CAD$0.50 per share (the "Offering"). The shares sold under the Offering are subject to a four-month hold period in Canada.
No broker fees or commissions were paid in connection with the Offering. The net proceeds of the Offering will be used by the Company to continue its pursuit of mineral property opportunities in and across Eurasia.
The Company is also pleased to announce the appointment of Michael Henrichsen to the position of Chief Operating Officer. Mr. Henrichsen is a structural geologist that is leading the Auryn technical team. Previously Mr. Henrichsen was a global specialist at Newmont where his contributions significantly increased the reserves and resources base in the Ahafo district in Ghana. Mr. Henrichsen has also worked extensively at other major gold camps including Yanacocha Peru, Nevada, Guinea and Canada.
The Company, under the terms of its existing stock option plan, will grant an initial 1,580,000 incentive stock options to employees, directors and consultants, exercisable at a price of $0.51 per share for a period of five years from the date of grant. Any shares issued under the option grant will be subject to a four-month hold period from the date of granting, pursuant to the policies of the TSX Venture Exchange.
On Behalf of the Board
Shawn Wallace President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Auryn Resources Inc.
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President, CEO and Director