The Transaction
As announced on
Benefits to Eastmain Securityholders of the Eastmain Arrangement
- Meaningful Participation in a
Canadian-focused Gold Exploration and Development Company . Upon completion of the Eastmain Arrangement, holders of Eastmain Shares will own approximately 31% of Fury Gold pre-financing. Fury Gold will be positioned to be a leading Canadian-focused gold exploration and development company, well-funded to add value through the drill bit. - Participation in the Diversified Portfolio of Fury Gold and Elimination of Single Asset Risk. The Eastmain Arrangement will provide Eastmain Securityholders with exposure to a diversified portfolio of assets across
Canada and eliminate the single asset risk that Eastmain is currently exposed to. Eastmain Securityholders who receive Fury Gold shares or securities that are exercisable into Fury Gold shares pursuant to the Eastmain Arrangement will continue to participate in the value realized with the development and operation of Eastmain's assets. Securityholders will also have additional upside exposure to Auryn's properties through the potential development of theCommittee Bay andHomestake Ridge projects. - Stronger Financial Position. The financing will strengthen Fury Gold's balance sheet, so it will have a strong financial position and enhanced access to capital, better positioning Fury Gold to advance key growth projects of both Auryn and Eastmain.
- Fury Gold will be Led by a Strong and Proven Team. Mike Timmins, the former Vice President of Corporate Development of Agnico Eagle Mines Limited, will lead Fury Gold as President, Chief Executive Officer and a director. Fury Gold will also have the benefit of the expertise of Auryn's management team, which has extensive experience in the exploration, development and operation of precious metals projects in
Canada and internationally. Fury Gold's technical team will be led by SVP of Exploration,Michael Henrichsen ,P. Geo , with access to a team of experts responsible for discovering and developing millions of ounces of gold globally.Joe Fazzini , Eastmain's current Chief Financial Officer and VP Corporate Development, will be appointed as Chief Financial Officer of Fury Gold contributing extensive financial, capital markets and mining industry expertise. The Board of Directors of Fury Gold will draw from the extensive experience and expertise of Auryn and Eastmain.
Board Recommendation
The board of directors of Eastmain, based in part on the recommendation of a special committee of independent directors (the "Special Committee") and the fairness opinion that the Special Committee received from
The Meeting
The Meeting will be held virtually on
Your vote is important regardless of the number of Eastmain securities you own. As a Securityholder, it is very important that you carefully read the Meeting Materials and then vote your Eastmain securities. You are eligible to vote your Eastmain Shares, options and warrants if you were a holder of record on
The mailing of the Meeting Materials has commenced and Securityholders should receive them shortly. The Meeting Materials are also available on SEDAR under the Company's profile at www.sedar.com and on the Company's website at www.eastmain.com.
Securityholder Questions and Assistance
If you have questions or need assistance in your consideration of the Eastmain Arrangement, or with the completion and delivery of your proxy, please contact Eastmain's shareholder communications advisor and proxy solicitation agent,
About
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging
Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements regarding mailing of the Meeting Materials, the anticipated date of the Meeting, and the anticipated benefits of the Eastmain Arrangement, including statements in respect of Fury Gold, Transaction. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they effect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions, used in the preparations of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.
SOURCE
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