Auryn Resources Inc (AUMC)

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Auryn loan holder converts $3M bridge loan into equity
Jul. 7, 2020 12:19 PM ET|About: Auryn Resources Inc. (AUG)|

By: Vandana Singh, SA News Editor

Auryn Resources (AUG +1.0%) converts 2019 bridge loan into common shares, thereby leaving Auryn debt-free.

The Company will issue ~2M shares to the Lender at C$1.6/share

From the total, 1.875 M shares will be issued for $3M principal loan and 77,084 Shares will be for $123,334 of interest that accrued at a rate of 10% per annum up to the date of the loan amendment. The balance of the interest on the loan, that accrued at a rate of 5% per annum, will be paid to the Lender in cash.