ST.
JOHN'S NL, Sept. 11, 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, July 31,
2023, and August 16, 2023, it
has now completed the repurchase of the 3% Net Smelter Return
royalty and all other encumbrances on the Kutuvuoma and Silasselkä
properties that originated from the purchase agreement dated
May 23, 2014, from Dragon Mining Ltd.
(the "Transaction").
Summary of the terms:
Pursuant to the Transaction,
Aurion has paid Dragon €5,000,000, as follows:
- €4,000,000 in cash, of which B2Gold Corp. contributed
€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 have been issued to Dragon Mining Oy (Finnish
subsidiary of Dragon), based on the 10-day volume-weighted average
price of CAD$0.61/Share and a EURCAD
exchange rate of 1.4734 as of the date that Aurion provided notice
to Dragon (see press release August 16,
2023). The Shares will be subject to a statutory hold period
of four months from the date the Shares were issued.
"Following the closure of the royalty repurchase, Aurion's core
properties are royalty free except the statutory payments (a total
of 0.75%) as defined in the Finnish Mining Act," commented
Matti Talikka, Aurion's CEO. "Aurion
considers the transaction to be beneficial for all parties involved
and wishes to acknowledge both Dragon Mining Ltd. and B2Gold Corp.
for the successful completion."
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.