- Scottie Resources (SCOT) announced the company has closed its amalgamation with AUX Resources
- The merger combines two sizeable and complementary land packages in the Stewart Mining Camp – over 52,000 hectares combined.
- Under the three-cornered amalgamation, AUX Resources Limited has become a wholly-owned subsidiary of Scottie
- Scottie shares will continue to trade on the TSX Venture Exchange under the symbol SCOT
- Scottie Resources is up 7.32 per cent, trading at $0.22 at 2:00 pm ET
Scottie Resources (SCOT) announced the company has closed its amalgamation with AUX Resources.
Under the terms of the three-cornered amalgamation, AUX Resources Limited has become a wholly-owned subsidiary of Scottie.
Trading of AUX shares were halted on Wednesday, July 14. Scottie and AUX now expect they will be delisted from the TSXV on or about the close of market on Monday, July 19.
Scottie shares will continue to trade on the TSX Venture Exchange under the symbol SCOT.
Upon closing of the transaction, all directors and officers of AUX resigned. Bradley Rourke, the President, CEO and a Director of Scottie, and Thomas Mumford, the VP Exploration of Scottie, will serve as directors of AUX, which will continue as a wholly-owned subsidiary of Scottie.
The merger combines two sizeable and complementary land packages in the Stewart British Columbia Mining Camp – over 52,000 hectares combined.
It also reduces overhead costs and permits numerous operational efficiencies.
“We are thrilled to complete this amalgamation with AUX, which significantly increases our land package in the Stewart area from just over 25,000 ha to now more than 50,000 ha. Bringing in the Georgia River Mine project along with the Scottie Gold Mine means we are now simultaneously pushing forward two high-grade gold past-producing mines that have been chronically underexplored. Our seasoned exploration team will use their experience advancing the Scottie Gold Mine to efficiently explore the potential expansion of what is already an incredibly gold-rich system. At Scottie, drilling on the Blueberry Zone has commenced, and additional drills will arrive onsite in the coming days to begin drilling at Georgia River and the Scottie Gold Mine,” said Scottie Resources CEO and President, Bradley Rourke.
Scottie Resources is up 7.32 per cent, trading at $0.22 at 2:00 pm ET.
