ST.
JOHN'S, NL, Aug. 16,
2023 /CNW/ - Aurion Resources Ltd. (TSXV: AU)
(OTCQX: AIRRF) ("Aurion" or the "Company") announces
that, further to its news releases dated May
31, 2023, July 10, 2023, and
July 31, 2023, it has given Dragon
Mining Ltd. ("Dragon") notice (the "Notice") of its
intent to exercise the option to acquire and eliminate all
encumbrances on the Kutuvuoma and Silasselkä properties (the
"Option") for a total consideration of €5,000,000.
Summary of the terms:
The Notice stated that Aurion will, on the date that it
exercises the Option (the "Closing"), pay Dragon €5,000,000,
as follows:
- €4,000,000 in cash, of which B2Gold Corp. has agreed to
contribute €3,500,000 (see press release dated July 31, 2023); and
- €1,000,000 in Aurion common shares ("Shares"). A total
of 2,415,410 Shares will be issued, based on the 10-day
volume-weighted average price of CAD$0.61/Share and a EURCAD exchange rate of
1.4734. The Shares will be subject to a statutory hold period of
four months from Closing.
Upon exercising the Option, Aurion will
acquire and eliminate all remaining encumbrances on the
Kutuvuoma and Silasselkä properties, including a
3% Net Smelter Return (NSR) Royalty on both
properties.
Aurion anticipates that Closing will occur on September 8, 2023, and will make an announcement
following Closing.
About Aurion Resources
Ltd.
Aurion is a well-funded, Canadian exploration company listed on
the TSX Venture Exchange (TSX-V: AU) and the OTCQX Best Market
(OTCQX: AIRRF). Aurion's strategy is to generate or acquire
early-stage precious metals exploration opportunities and advance
them through direct exploration by our experienced team or by
business partnerships and joint venture arrangements. Aurion's
current focus is exploring on its flagship Risti and Launi
projects, as well as advancing its joint venture properties with
B2Gold and Kinross in Finland.
On behalf of the Board of Directors,
Matti Talikka, CEO
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 Aurion Resources Ltd.
