TSX-V: AU
ST. JOHN'S, NL, June 17, 2020 /CNW/ - Aurion Resources
Ltd. (TSXV: AU) ("Aurion" or the
"Company") announces that it has revised the terms of the
Silasselkä Project earn-in with Strategic Resources ("Strategic").
Aurion has agreed to waive the required expenditures on the project
totalling C$3.0 million over the
three-year period following the closing of the transaction, which
was announced on June 10, 2019. The
share-based payment schedule and amounts to exercise the option
will remain unchanged.
In addition, Aurion and Strategic have altered the original
agreement where Strategic would have a two-stage option to earn-in
to 75% on the project following the issuance of an additional
1,916,667 shares in June 2021 and
then have the option to go from 75% to 100% ownership in the
project, to a single option where Strategic will earn-in on 100% of
the project following the scheduled share issuances, and will occur
after the last scheduled share payment of 1,166,666 Strategic
shares in June 2022. If the
option is exercised, Aurion will receive a total of 8,000,000
shares of Strategic.
Subsequent to the issuance of the June
2020 share-based payment of 1,916,667 shares, Aurion will
hold 14.9% of the issued shares of Strategic.
About Aurion Resources Ltd.
Aurion Resources Ltd. (Aurion) is a Canadian exploration company
listed on the TSX Venture Exchange (TSX-V:AU). 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 joint venture
arrangements with Kinross Gold Corp., B2 Gold Corp., and Strategic
Resources Inc. in Finland.
On behalf of the Board of Directors,
Michael Basha, President
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.