The Toronto Stock Exchange reports that Auryn Resources Inc. shareholders approved a proposed reorganization transaction by way of a plan of arrangement at the company's annual general and special meeting on Oct. 5, 2020. According to the TSX, the company expects to complete the reorganization on Oct. 9, 2020, although no assurance can be given that the transaction will close as scheduled.
Assuming the reorganization closes as scheduled:
- Auryn will change its name to Fury Gold Mines Ltd.;
- Auryn will spin out its Peruvian assets to two new companies, 1258620 B.C. Ltd (Spinco Curibaya) and 1258618 B.C. Ltd. (Spinco Sombrero);
- The Auryn shares will be consolidated on an approximately 0.7-new-for-one-old basis (the exact number to be determined in accordance with the consolidation ratio).
Under the arrangement, each Auryn share will be exchanged for approximately 0.7 Fury Gold share, one common share of Spinco Curibaya and one common share of Spinco Sombrero. The TSX will issue a bulletin as soon as practicable after the arrangement closes with details of the share rollback and name change.
According to the TSX, the share rollback and name change are expected to take effect, subject to confirmation of the closing of the reorganization, on Oct. 13, 2020, since Oct. 12, 2020, is a national statutory holiday. The Fury Gold shares will trade on the TSX on Oct. 13, 2020, under the symbol FURY and new Cusip No. 36117T 10 0.
The TSX notes that the Fury Gold shares will be posted for trading on an approximately 0.7-new-for-one-old basis on NYSE American on Oct. 12, 2020. It is understood that the shares of Spinco Curibaya and Spinco Sombrero will not be listed or posted for trading on any public market. The TSX has issued a separate bulletin regarding the anticipatory delisting of the common shares of Eastmain Resources Inc.
For more information, see Auryn's management information circular dated Sept. 3, 2020, available on SEDAR.
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