Auryn finalizes buyout of North Country Gold
Last updated 10/4/2015 at Noon
Auryn Resources Inc. Sept. 25 said it has completed the acquisition of North Country Gold Corp. Under the arrangement proposed in July, North Country shareholders received one Auryn share for each 10 North Country common shares held.
Roughly 99.85 percent of North Country shareholders approved the merger during a special meeting held on Sept. 18 and final approval for the arrangement was obtained from the Court of Queen's Bench of Alberta on Sept. 22.
North Country is now a wholly-owned subsidiary of Auryn.
While finalizing the acquisition, Auryn and North Country continued to explore the Committee Bay gold property in Nunavut under a joint venture formed early in 2015.
Auryn President and CEO Shawn Wallace said, "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 300-kilometer-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."