Posted in | Gold | Mining Business

Oban Mining Acquires Eagle Hill, Ryan Gold and Corona Gold

Oban Mining Corporation ("Oban"), Eagle Hill Exploration Corporation ("Eagle Hill"), Ryan Gold Corp. ("Ryan Gold") and Corona Gold Corporation ("Corona" and, together with Oban, Eagle Hill and Ryan, the "Parties") are pleased to announce the successful completion of their previously announced business combination, pursuant to which Oban has acquired all of the common shares of each of Eagle Hill, Ryan Gold and Corona by way of a court approved plan of arrangement (the "Arrangement").

In addition, the previously announced private placement of common shares of Oban ("Oban Shares") to Osisko Gold Royalties Ltd ("Osisko") has closed today, pursuant to which Osisko subscribed for 161,750,984 Oban Shares at a price of $0.11 per share for an aggregate subscription price of approximately $17.8 million (the "Osisko Private Placement"). After giving effect to the Osisko Private Placement, Osisko holds approximately 19.9% of the outstanding Oban Shares on a non-diluted basis.

Following the closing of the Arrangement and the Osisko Private Placement, the Oban Shares were consolidated on the basis of one post-consolidation Oban Share for each 20 pre-consolidation Oban Shares (the "Consolidation").

With the Arrangement now complete, shares of Eagle Hill and Ryan Gold are anticipated to be delisted from the TSX Venture Exchange and Corona is anticipated to be delisted from the Canadian Securities Exchange on or about August 26, 2015.

For additional information concerning the Arrangement, the Osisko Private Placement and the Consolidation, please refer to the management information circulars of the Parties, each of which is dated July 20, 2015 and available under the applicable Party's issuer profile on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: http://www.obanmining.com/

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