On August the 26th of 2016, Auryn Resources Inc. (OTCQX: GGTCF) announced their intention to acquire all issues and outstanding common shares of the Homestake Resource Corporation. Shareholders of Homestake held a special meeting on August the 25th, in which 98.2% of participants voted in favor of the acquisition. 27,149,419 common shares were voted equating to 39.1% of the remaining votes associated with outstanding Homestake shares. Auryn Resources President and CEO, Shawn Wallace, admits Homestake Ridge “complements our portfolio as it is high-grade and located in a premier jurisdiction for gold exploration and mining.” Before the acquisition can be completed, Homestake will need to seek the approval of the Supreme Court of British Columbia. It is expected that the acquisition will close on or around September 7, 2016.
Auryn Resources, which is a junior mining exploration company, will acquire 100% interest in the Homestake Ridge project. As of today, 268 holes equating to 77,845 meters have been completed on the project, with many exploration targets remaining. Overall, the Homestake Ridge project comprises of 3,617-hectare of land. In June of 2016, Auryn completed the staking of 162,000 hectares at the Committee Bay gold project in Nunavut, Canada. Over the past 52-weeks, the company’s stock has fluctuated between .70 cents and $3.18.