Business
ISS Proxy Advisory Supports Auryn's Proposed Reorganization and Acquisition of Eastmain Resources
VANCOUVER, CANADA / ACCESSWIRE / September 25, 2020 / Auryn Resources Inc. (TSX:AUG)(NYSE...
About this update from Fury Gold Mines Limited
[{"type":"text","content":"ISS Proxy Advisory Supports Auryn’s Proposed Reorganization and Acquisition of Eastmain ResourcesVANCOUVER, CANADA / ACCESSWIRE / September 25, 2020 / Auryn Resources Inc. (TSX:AUG)(NYSE AMERICAN:AUG) (\"Auryn\" or the \"Company\") is pleased to announce that Institutional Shareholder Services Inc. (\"ISS\") has recommended that Auryn shareholders (the \"Shareholders\") vote in favour of all proposed resolutions related to the reorganization of the Company (the \"Reorganization Arrangement\"), the acquisition of Eastmain Resources (\"Eastmain\") (the \"Eastmain Acquisition\") and the recently closed bought-deal subscription receipts financing (the \"Financing\"), collectively the transactions (the \"Transactions\"), at the upcoming special meeting on October 5, 2020 (the \"Meeting\"). The Transactions will result in the creation of Fury Gold Mines Limited (\"Fury Gold\"), a well-financed, Canadian-focused gold exploration and development company that combines Auryn's Canadian projects with Eastmain's operations, and two new independent companies holding Auryn's Peruvian assets, shares of which will be distributed to Auryn shareholders. Proxy voting of about a third of issued shares to-date has demonstrated exceedingly positive shareholder support for the Transactions.In recommending that Shareholders vote FOR the Transactions, ISS noted that the resulting Fury Gold will have an improved capital markets profile to attract institutional investment and a solid prospect in Eastmain's Eau Claire project for near-term commercial mine development.ISS recommended against approval of Auryn's proposed special resolution to adopt new corporate articles (which are similar to by-laws), citing concerns with the draft form of articles filed on SEDAR.com on September 8, 2020. These concerns were in regard to certain requirements for advance notice of shareholder director nominees and certain provisions relating to directors' powers in regard to capital alterations, use of alternate directors and inclusion of a chairperson casting vote. In response, Auryn has today approved changes to the proposed new articles to address all ISS concerns. These revised articles will be proposed for approval at the Meeting in lieu of the earlier draft and are now filed on SEDAR.com.The MeetingThe annual general and special meeting will be held virtually on...