There is likely no "desperate’ seller. Looks like an account liquidation event to me. Perhaps somebody died or margin call or perhaps my favorite; a brokerage firm deciding that they will no longer allow holding shares of a penny stock in your account and so they sell them for you. Either way, we have seen this many times before. The stock sometimes recovers but usually not fully.
Anyone who is/was able get in at .0002 probably will be able to flip in a few days for several X. This is really just noise since the share price has no effect on the conversion. (I should note that market cap is now even low compared to other juniors especially considering the quality of the property. Perhaps even Baldy would agree!?)
The conversion actually happening and Hochschild mining completing a successful JV at the LDM will fund Auryn’s high grade gold mining efforts which will give a much needed boost to the share price post conversion for all current shareholders.
Watch for Auryn’s next financial statement coming out in a couple weeks. Hochschild should be commencing drilling at the LDM about now if their exploration results last season were positive.(If they weren’t, we are already screwed of course but that is normal risk for this type of investment.) Seems possible that demonstrations in Santiago could delay things a bit but miners are use to this kind of abuse so I kinda of doubt it but really have no idea.