Business
Aura Reports Annual Meeting Results and Announces Shares for Debt Transaction / Update on Status of Territory Metals Acquisition
Ottawa, Ontario--(Newsfile Corp. - July 2, 2020) - Aura Resources Inc. (TSXV: AUU) ("Aura" or ...
About this update from West Point Gold Corp.
[{"type":"text","content":"Aura Reports Annual Meeting Results and Announces Shares for Debt Transaction / Update on Status of Territory Metals AcquisitionOttawa, Ontario--(Newsfile Corp. - July 2, 2020) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") has released the results of its annual and special meeting of shareholders (the \"Meeting\") held in Ottawa, Ontario, on June 30, 2020. Shareholders approved all matters set forth in the Company's Management Proxy Circular dated May 28, 2020 with approximately 94% or more of the votes cast in favour of all matters. These matters included the re-election of W. William Boberg, James Franklin and Robert Johansing as directors; the appointment of PricewaterhouseCoopers LLP as auditor; and, approval of the continuance of the Company out of the federal jurisdiction under the Canada Business Corporations Act into the provincial jurisdiction of British Columbia under the Business Corporations Act (British Columbia). Additionally, adoption of the new Aura Resources Inc. Stock Option Plan 2020, which is a 10% \"rolling\" plan, was approved by disinterested shareholders.Additionally, the Company announces that it will partially settle the first anniversary payment due under the terms of the Jefferson Canyon property option agreement with the issuance of 612,755 common shares having a deemed value of CDN$34,467. This share for debt transaction remains subject to TSX Venture Exchange approval.Update on status of Territory Metals Corp. acquisitionAs announced on June 4, 2020, the Company entered into a definitive amalgamation agreement for the acquisition of Territory Metals Corp. (the \"Acquisition\") on June 3, 2020. Following submission of all supporting documentation required by the TSX-V, the Company received conditional acceptance of the Acquisition on June 11, 2020. On June 22, 2020, the TSX-V confirmed that they had concluded their review of the NI 43-101 technical report relating to the Tip Top gold project held by Territory Metals. The Company is required to submit certain additional closing documents to the TSX-V and to complete a private placement financing prior to closing of the Acquisition. Closing of the Acquisition remains subject to final TSX-V acceptance.On June 30, 2020, the shareholders of Territory Metals Corp. approved the Acquisition at a special meeting of shareholders held in Vanc...