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Fury Gold Mines Limited has announced a private placement aiming to raise approximately CAD$5.025 million through the sale of 6.7 million units at CAD$0.75 each. Each unit consists of one common share and one purchase warrant, exercisable at CAD$1.20 for three years. Proceeds will fund exploration at the Eau Claire project in Quebec and general working capital. The placement is subject to regulatory approvals, and the securities will not be registered under the U.S. Securities Act. A four-month hold period applies to the issued securities.
Auryn Resources Inc. (TSX:AUG) and Eastmain Resources Inc. (TSX:ER) have received final court approvals for their planned transaction. Auryn will acquire Eastmain while spinning out its Peruvian assets into two new companies, with shares distributed to Auryn's shareholders. The deal will establish Fury Gold Mines Limited, which will receive net proceeds from a C$23 million financing. The transaction is expected to close on October 9, 2020, with Fury Gold's shares starting to trade on October 12, 2020. Eastmain will be delisted on the same date.
Auryn Resources (TSX:AUG) and Eastmain Resources (TSX:ER) announced successful approval of their arrangement plans, with over 99% of securityholders voting in favor. Auryn will spin out its Peruvian assets into two new companies and then acquire Eastmain, creating Fury Gold Mines Limited. Shareholder participation was notably 63.97% for Auryn and 40.03% for Eastmain. The final judicial approvals are expected on October 7, 2020. This strategic move aims to unlock significant value and enhance opportunities in gold, copper, and silver markets.
Auryn Resources and Eastmain Resources announced overwhelming support from their shareholders, with over 99% voting in favor of a transaction that involves Auryn spinning out its Peruvian assets and acquiring Eastmain. This transaction, set to be completed by October 5, 2020, will result in the creation of Fury Gold Mines Limited, focusing on Canadian gold projects. The meeting on October 5 will further solidify the transaction's approval.
Auryn Resources has identified twelve refined drill targets across the Committee Bay gold belt in Nunavut, aiming to expand the Three Bluffs deposit and explore the Aiviq - Kalulik corridor. The new targets arise from advancements in understanding high-grade gold systems based on geophysical conductivity data. The 2021 drill program will evaluate these targets, which include high-grade mineralization zones. Auryn's collaboration with Fury Gold Mines strengthens this initiative, with an emphasized potential for significant gold discoveries in the region.
Auryn Resources Inc. (TSX:AUG)(NYSE AMERICAN:AUG) announced that Institutional Shareholder Services Inc. (ISS) recommended its shareholders vote in favor of key resolutions regarding the Reorganization Arrangement and the Eastmain Acquisition. These transactions aim to create Fury Gold Mines Limited, enhancing capital markets appeal and combining Auryn’s Canadian projects with Eastmain’s operations. The company plans to address ISS's concerns regarding proposed corporate articles revisions. The special meeting is scheduled for October 5, 2020, with proxy voting open until October 1, 2020.
Auryn Resources (TSX:AUG) successfully completed an equity financing, raising C$23 million through the issuance of 7,750,000 subscription receipts. This funding is crucial for the acquisition of Eastmain Resources (TSX:ER) and the formation of Fury Gold Mines Limited. The financing, scheduled to close on October 9, 2020, fulfills a primary condition for the transaction. The subscription receipts include both flow-through and non-flow-through shares, indicating a strategic approach to funding operations in Quebec. This sets the stage for a significant drilling program at the Eau Claire deposit.
Auryn Resources Inc. (AUG) has initiated the mailing of its Proxy Circular for a meeting scheduled on October 5, 2020, aimed at approving significant transactions including the spin-out of its Peruvian mineral projects and acquisition of Eastmain Resources Inc. The Transactions will form Fury Gold Mines Limited, enhancing Auryn's Canadian assets. A C$22.5 to C$23 million equity financing is also planned. The board has unanimously recommended these actions, highlighting potential growth and improved market position following the successful implementation.
Auryn Resources Inc. (AUG) has completed the purchase of six Sombrero copper-gold concessions in Peru, reducing the final payment from US$5 million to approximately US$3 million through early option exercise. The payment consists of 1.1 million common shares at C$2.90 and US$621,466 in cash. The acquisition aims to streamline permit processes for drilling anticipated in early 2021. Auryn plans to advance drilling on multiple targets in the Sombrero district and will provide updates on surface work and permitting in the coming months.
Auryn Resources Inc. (TSX:AUG) and Eastmain Resources Inc. (TSX:ER) announced a bought deal private placement financing to raise C$22.5 million through the sale of 7,500,000 subscription receipts. These receipts will be exchanged for common shares of Auryn as part of the Eastmain acquisition, which aims to create Fury Gold Mines Limited focused on Canadian gold projects. The financing conditions are set to be fulfilled by September 24, 2020, with a planned 50,000-meter drill program at the Eau Claire project commencing soon after completion.
