Auryn Resources Announces $4.8 Million Private Placement

Auryn Resources (TSXV:AUG) has arranged a non-brokered private placement to raise roughly $4.8 million. Proceeds from the placement will be used to continue to advance development at its Committee Bay gold project in Nunavut.
As quoted in the press release:

The placement will consist of up to 4.0 million units of the Company at a price of $1.20 per share (the “Offering”) where each unit consists of one common and one common share purchase warrant. Each purchase warrant is exercisable into a common share of the Company at a price of $1.70 per share for a period of 24 months (a “Warrant”). In the event that the Company’s common shares trade at a closing price on the TSX Venture Exchange of greater than $2.40 per share for a period of 20 consecutive trading days at any time after four months after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The Company intends to use the net proceeds, as well as its existing treasury, to further the development of the Committee Bay Gold Project in Nunavut, and to continue its pursuit of mineral property opportunities throughout the Americas.
The shares under the Offering will be subject to a four-month hold period and will not be registered in the United States. Commission may be paid on curtained amounts placed by brokers.

Click here for the full press release.