Auryn and Eastmain Receive Court Approvals to Complete Arrangements
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Auryn and Eastmain Receive Court Approvals to Complete Arrangements
Vancouver & Toronto, Canada – October 7, 2020 – Auryn Resources Inc. (TSX: AUG, NYSE American:
AUG) (“Auryn”) and Eastmain Resources Inc. (TSX: ER) (“Eastmain”) jointly announce that today they
received final orders from the British Columbia Supreme Court and the Ontario Superior Court of Justice,
respectively, to implement the previously announced plans of arrangement (the “Transaction”).
Pursuant to the Transaction, Auryn will acquire Eastmain after spinning out its Peruvian assets into two
new companies and distributing the shares of those companies to Auryn’s shareholders. The Transaction
will also create Fury Gold Mines Limited (“ Fury Gold”), a leading developer of Canadian gold projects.
Fury Gold will receive the net proceeds of the previously completed C$23 million financing, which are
being held in escrow pending completion of the Transaction.
The final orders represent one of the remaining conditions for completion of the Transaction. Subject to
satisfaction or waiver of all remaining conditions, closing of the Transaction is expected to occur on
October 9, 2020.
It is expected that shares of Fury Gold (TSX and NYSE American: FURY) will begin trading on the NYSE
American Exchange on October 12, 2020 and on the Toronto Stock Exchange (the “TSX”) on October
13, 2020. It is also expected that Eastmain will be delisted from the TSX and removed from the OTCQB
after the end of trading on October 9, 2020.
Full details of the Transaction, including its principal completion conditions can be found in each of
Auryn’s and Eastmain’s management information circulars dated September 3, 2020 and filed under each
of their profiles at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.
Ivan Bebek
Executive Chairman and Director
ON BEHALF OF THE BOARD OF DIRECTORS OF EASTMAIN RESOURCES INC.
Blair Schultz
Interim President and CEO
For further information please contact:
Auryn Resources
Natasha Frakes, Manager of Corporate Communications
LEGAL*51274512.3
Auryn Resources Inc.
TSX: AUG NYSE American: AUG
www.aurynresources.com
Eastmain Resources Inc.
TSX: ER
www.eastmain.com
778-729-0600
Eastmain Resources
Blair Schultz, Interim President and CEO
647-347-3735
About Auryn
Auryn Resources Inc. is a technically-driven, well-financed junior exploration company focused on finding and advancing globally
significant precious and base metal deposits. Auryn built a portfolio of six projects in Canada and Peru containing gold, silver
and copper resources and exploration targets. On July 29, 2020, Auryn announced its intention to spin out its Peruvian assets
into two new companies and acquire Eastmain, creating a Canadian gold-focused exploration and development company to be
renamed as Fury Gold Mines Limited. Auryn’s two flagship Canadian properties are the Committee Bay gold project in Nunavut
and Homestake gold project in British Columbia for which an amended preliminary economic assessment was filed effective
June 24, 2020. Upon closing of the Transaction, Fury Gold’s three core assets will comprise of Eau Claire in Quebec, Committee
Bay and Homestake Ridge. Auryn shareholders, invested prior to the completion of the Transaction, will become shareholders
of Fury Gold and will also receive shares in the two new Canadian spin out companies, one holding the Sombrero copper -gold
project, and the other holding both the Curibaya silver -gold project and Huilacollo gold project. Auryn's technical and
management teams have an impressive track -record of successf ully monetizing assets for all stakeholders and local
communities in which it operates. Auryn conducts itself to the highest standards of corporate governance and sustainability. For
more information on Auryn and the Transaction, please visit www.aurynresources.com.
About Eastmain
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec.
Eastmain holds a 100% -interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary
Economic Assessment in May 2018, and the Percival Discovery made in November 2018. Eastmai n is also the operator of the
Éléonore South Joint Venture, located immediately south of Newmont’s Éléonore Mine, which hosts the Moni/Contact Trend
Discovery (2017).
Forward Looking Information and Additional Cautionary Language
This release includes certain statements that may be deemed "forward -looking statements". Forward looking information is
information that includes implied future performance and/or forecast information including information relating to or associa ted
with the Transaction, including the expected date of completion of the Transaction, when Fury Gold’s shares will start trading on
the TSX and the NYSE American and when Eastmain’s shares will be delisted from the TSX and removed from the OTCQ B.
These statements involve known and unknown risks, uncertainties and other factors which may cause actual results,
performance or achievements of the Company to be materially different (either positively or negatively) from any future resul ts,
performance or achievements ex pressed or implied by such forward -looking statements. Readers should refer to the risks
discussed in Auryn’s Annual Information Form and MD&A for the year ended December 31, 2019 and subsequent continuous
disclosure filings with the Canadian Securities Administrators available at www.sedar.com and Auryn’s registration statement on
Form 40-F filed with the United States Securities and Exchange Commission and available at www.sec.gov and in Eastmain’s
Annual Information For m and MD&A for the year ended October 31, 2019 and continuous disclosure filings available at
www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.