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Vancouver, British Columbia, July 16, 2021 / CNW /- Scotty Resources (“Scotty“Or”the company“) with Oaks Resources Co., Ltd. (Formerly AUX Resources Company) (“To“) are pleased to announce that they have completed the previously announced merger (“transaction“) According to the date of the merger agreement May 4, 2021 (This”Merger agreement“) In Scotty, 1302668 B. C. Limited company (“Branch office“), Scottie and a wholly-owned subsidiary of AUX Resources Corporation.
Emphasize
- Merger Combines two sizable and complementary land parcels at the Stewart Mining Camp-a total area of over 52,000 hectares
- Reduce overhead costs and improve operational efficiency
- Scottie Resources’ management and board of directors remain unchanged and are able to drive the development of the company and its assets
- Strong working capital, approximately 11 million USD Cash at closing
CEO and President, Bradley Rock, Commented: “We are very happy to complete this merger with AUX, which significantly increases our Stewart The area has increased from just over 25,000 hectares to more than 50,000 hectares now. The introduction of the Georgia River Mine Project together with the Scotty Gold Mine means that we are now simultaneously advancing two high-grade gold production mines that have not been fully developed for a long time. Our experienced exploration team will use their experience in advancing the Scottie Gold Mine to effectively explore the potential expansion of an already extremely rich gold system. In Scotty, drilling in the Blueberry area has already begun, and more drilling will arrive at the site in the next few days, starting drilling in the Georgia River and Scotty Gold Mine. “
2021 exploration plan update
Through the newly merged real estate portfolio, 16,000 m Drilling is planned for 2021. Most of the drilling is allocated to the Scottie gold project (Blueberry, Domino,’O’ and’M’ areas), while smaller activities will test targets within the Georgia River and Cumbria projects.
Drilling work in the Blueberry area has begun to test the downward extension of the high-grade mining area identified in 2020. Two additional drills are expected to start the Scottie Gold Mine and Georgia River Project next week. In addition to drilling, a number of geophysical surveys are planned this season, including 2D and 3D induced polarization (“IP”), downhole electromagnetic (“Sarajevo Court“) and horizontal loop electromagnetic (“Helm“) Investigation.
transaction
The transaction was completed through a triangular merger, that is, according to AUX and Subco Business company law (British Columbia) Established AUX Resources Limited, a wholly-owned subsidiary of Scottie. All issued and outstanding common shares of AUX (“Oaks shares“) was exchanged for Scottie Capital’s common stock (“Scotty shares“) One to one. All issued and unexpired warrants of AUX (“Warrants“) and options (“Accessibility“) are exchanged for equivalent warrants (“Scotty Warrants“) and options (“Scotty Option”), Scottie was one-to-one and cancelled immediately. According to this transaction, Scottie issued:
- A total of 54,499,642 Scottie shares to former holders of AUX shares;
- Former AUX warrant holders have a total of 18,433,817 Scottie warrants, and each Scottie warrant can be exercised to purchase one Scotty shared …
The full story on Benzinga.com
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