Posted in | Gold | Mining Business

North Country Gold Becomes Wholly-Owned Subsidiary of Auryn Resources

Auryn Resources Inc. ("Auryn" or the "Company") and North Country Gold Corp. ("North Country") are pleased to announce the completion of the previously announced plan of arrangement (the "Arrangement") pursuant to which Auryn has acquired all of the issued and outstanding common shares of North Country ("North Country Shares"). North Country is now a wholly-owned subsidiary of Auryn.

The Arrangement was approved at North Country's special meeting of shareholders held on September 18, 2015 by approximately 99.85% of the votes cast by North Country shareholders. Final approval for the Arrangement was obtained from the Court of Queen's Bench of Alberta on September 22, 2015.

As a result, the North Country Shares will be delisted from the TSX Venture Exchange and Auryn will apply to the relevant securities commissions for North Country to cease to be a reporting issuer under Canadian securities laws.

Shawn Wallace, President and Chief Executive Officer of Auryn, stated, "The consolidation of ownership in the Committee Bay project through the acquisition of North Country Gold represents a tremendous opportunity for both companies' shareholders. We are very excited about the district scale potential of this 300km long gold belt. On behalf of our board, I would like to acknowledge the excellent technical work completed by the team at North Country Gold to date."

The Arrangement

Under the Arrangement, each North Country Share was exchanged for 0.1 of a common share of Auryn (the "Exchange Ratio"). In addition, each outstanding option to acquire North Country Shares was amended to convert into Auryn Shares with the number and price adjusted by the Exchange Ratio.

Full details of the Arrangement and certain other matters are set out in the management information circular of North Country dated August 20, 2015 (the "Information Circular"). A copy of the Information Circular can be found under North Country's profile on SEDAR at www.sedar.com.

North Country shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact Computershare Investor Services Inc., the depository for the Arrangement, at:

North American Toll Free: 1-800-564-6253 FREE

Email: [email protected]

About Auryn

Auryn is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company's management team is highly experienced with an impressive track record of success in the discovery, development, financing and monetizing of mining assets for shareholders.

Through the acquisition of North Country, Auryn now owns 100% interest in the Committee Bay project located in Nunavut, Canada. The Committee Bay project includes 66,160 hectares situated along the Committee Bay Greenstone Belt which occurs approximately 180 km northeast of Agnico Eagle Mines' Meadowbank mine and extends for more than 300 km.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.

Shawn Wallace, President and CEO

Source: http://www.aurynresources.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit