Oban Mining Corporation ("Oban") and Northern Gold Mining Inc. ("Northern Gold") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") involving Oban and Northern Gold, whereby Oban has acquired all of the issued and outstanding common shares of Northern Gold.
Under the terms of the Arrangement, the former Northern Gold shareholders received an aggregate of 4,000,000 Oban common shares, representing approximately 6.8% of the issued and outstanding Oban common shares in the pro forma company.
Oban intends to cause Northern Gold to delist its common shares from the TSX Venture Exchange ("TSX-V"), to submit an application to cease to be a reporting issuer and to otherwise terminate its public reporting requirements as soon as possible thereafter. The common shares of Oban issued under the Arrangement are expected to be listed and trading on the Toronto Stock Exchange following the closing of the Arrangement.
For additional information concerning the Arrangement please refer to the management information circular of Northern Gold, dated November 19th, 2015 and available under their issuer profile on SEDAR at www.sedar.com.
About Oban Mining Corporation
Oban is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Oban has recently acquired the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec, Canada, and also holds a 100% undivided interest in a large area of claims in the Urban Barry area of Québec, Canada, along with options held with other third parties to acquire a 100% undivided interest in the Côté Property, the Golden Dawn Project, the Hunter Property and other properties in the vicinity. Oban also holds a 100% interest in the Roach Property in northern Ontario, Canada. In addition, Oban holds an option to acquire from Northstar Gold Corp. up to a 70% interest in the Miller project in northern Ontario, Canada pursuant to an option agreement with Northstar Gold Corp. Oban is well financed with approximately $70 million in cash, cash equivalents and marketable securities.
About Northern Gold Mining Inc.
Northern Gold is a TSX-V listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties at the Golden Bear Project in the Larder Lake Mining Division in northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon deposits and the Buffonta property. Recent transactions, including the amalgamation with Victory Gold Mines Inc. and acquisition of the Lac Minerals Property, add to Northern Gold's regional portfolio strategy along the Destor-Porcupine Fault Zone.