VANCOUVER, Oct. 16, 2014 /CNW/ - Auryn Resources Inc. (TSX-V: AUG, "Auryn" or the "Company"), is pleased to announce that it intends to raise up to $3,250,000 through a non-brokered private placement. The placement will consist of up to 5 million common shares of the Company at a price of CAD$0.65 per share (the "Offering").
The Company intends to use the proceeds for mineral property acquisitions and general corporate purposes.
The shares under the Offering will be subject to a four-month hold period and will not be registered in the United States.
Shawn Wallace, President and CEO stated, "Upon completion of the Offering, the Company will have over $5 million to achieve its objective of acquiring a major exploration project. We have also broadened our search to include North and South America as well as Eurasia."
Closing of the Offering is anticipated to occur on or before November 16, 2014 and is subject to customary closing conditions including, but not limited to; the negotiation, execution of definitive placement agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
On Behalf of the Board
President, CEO and Director
Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
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.
For further information: Shawn Wallace, President, CEO and Director, Phone: 778.729.060