By Cory Aurvista Gold Corporation Consolidates Ownership Interest at the Douay Gold Project
Aurvista now owns 100% of the Douay Gold Project. While this is not market moving news it is important to see the Company acquire the last 10% stake of the project and now own 100%.
This is a large land package with an already defined low grade resource. The Company currently has a 30,000 meter drill program underway to further prove out the resource. This Company has a strong shareholder base and an already defined open pit resource of 2.8million ounces in a Quebec. We will continue following this story through the drilling campaign.
For more information on Aurvista click here.
Also feel free to email me if you have any other questions on the Company – Fleck[at]kerpeport.com
Here is the news…
Aurvista Gold Corporation (“Aurvista” or the “Company“) (TSX VENTURE:AVA)(OTCQB:ARVSF)(FRANKFURT:AV2) is pleased to provide a corporate update on recent developments with Société d’exploration minière Vior Inc. (“Vior”), the historic owner of claims acquired by the Company that comprise the Douay Gold Project (“Douay”). Aurvista exercised an option granted to it by Vior on May 26, 2011 and acquired Vior’s remaining 10% interest in West Zone for C$12,500. As a result, Aurvista has increased its 100% owned land package to 247 contiguous claims totaling 128.8 km2, and holds a 75% interest (25% held by SOQUEM) in 32 additional claims totaling 11.9 km2 located in the Northwest Zone. SOQUEM is a mineral project generator, a subsidiary of two Quebec government corporations, Ressources Québec and Investissement Québec, and is a valued partner.
Vior recently completed a special dividend (the “Dividend”), distributing 13,796,795 Aurvista shares to Vior shareholders (see Vior’s press release, March 20, 2017). Vior now owns 6,710,442 common shares of Aurvista and 800,000 warrants to acquire common shares, representing 5.6% of the Company’s outstanding common shares on a partially diluted basis. With Vior’s ownership interest in Aurvista falling below 10%, the Shareholders’ Agreement between Aurvista and Vior on March 7, 2011, as amended shall cease to be in effect. Consequently, Vior’s pre-emptive right to maintain its ownership percentage through the participation in future Aurvista Public Share Issuances and the obligation of each of Vior and Aurvista to vote for the matters contained in their respective management information circulars, are no longer in effect.
The acquisition of Vior’s 10% interest follows the previously announced purchase and cancellation of Northern Abitibi Mining Corp.’s 1.5% NSR (see Aurvista’s press release, January 31, 2017), as Aurvista continues to consolidate ownership interest at Douay. The consolidation costs have been largely offset by Aurvista’s recently completed sale of 1,080,000 Vior shares, for C$215,551 in net proceeds.
Aurvista’s President and CEO, Jean Lafleur, stated: “We continue to plan for success and take the necessary steps to consolidate the ownership and expand the 100% owned property package at Douay. The Vior Dividend brings us new valued Aurvista shareholders and significantly simplifies the equity financing process for the Company going forward. These transactions end the formal relationship between the Companies. Aurvista recognizes the contribution of Vior …read more
Source:: The Korelin Economics Report
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