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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 Silasselk 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:
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€4,000,000 in cash, of which B2Gold Corp. has agreed to contribute €3,500,000 (see press release dated July 31, 2023); and
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€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 Silasselk 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.
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