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Fury Gold Mines Ltd T.FURY

Alternate Symbol(s):  FURY

Fury Gold Mines Limited is a Canada-based exploration company. The Company's principal business activity is the acquisition and exploration of resource projects in Canada. It owns a 100% interest in the high-grade gold Eau Claire project, which is situated on over 24,000 hectares (ha) in the Eeyou-Istchee/James Bay region of Quebec. The Eau Claire project is located approximately 800 kilometers (km) north of Montreal and 350 km northwest of Chibougamau. It owns a 100% interest in the Committee Bay gold project located in Nunavut, Canada. The project includes over 270,000 ha, situated along the Committee Bay Greenstone Belt (CBGB). The CBGB comprises a number of Archean- aged greenstone belts occurring within the larger Western Churchill province of north-eastern Canada. It owns a 50.022% interest in the Eleonore South JV project. Eleonore South JV project is located in the Eeyou-Istchee/James Bay region of Quebec, approximately five km south of Newmont's Eleonore mine property.


TSX:FURY - Post by User

Post by montydogon Oct 17, 2020 6:10am
319 Views
Post# 31733764

NYSE vs TSX disparity

NYSE vs TSX disparity International holders of AUG on the TSX won't get FURY shares until Monday 19th of Oct.

Worse than that, international holders of ER on the TSX won't get theirs until Wednesday 21st of Oct. (This is what I have been advised).

In the meantime, US investors who owned AUG on the NYSE received their FURY shares 7 trading days earlier, on the 12th of October.

Many AUG investors only ever wanted the Peru assets, so it was wholly natural and predictable that quite a number would want to sell FURY on its opening. But the NYSE holders had, and continue to have, a massive advantage over their TSX fellow investors, and in particular, international fellow investors who bought through the TSX.

The investment banks who advised on the deal should have known this, and they had a duty of care to ensure fairness to all shareholders. The original press release stated:


Each of the Boards of Directors of Auryn and Eastmain, following consultation with their financial and legal advisors and the recommendation of the respective special committees (each, a “Special Committee”) formed to consider the Transaction, have unanimously approved the Transaction. Both Boards of Directors recommend that their respective securityholders vote in favour of the resolutions to approve the Transaction.

Stifel Nicolaus Canada Inc. ("Stifel GMP") has provided a verbal fairness opinion to the Board of Directors and the Special Committee of Auryn stating that, as of the date thereof and, based upon and subject to the assumptions, limitations, and qualifications stated in such opinion, that the transaction contemplated by the Arrangement is fair, from a financial point of view, to Auryn shareholders. Maxit Capital LP (“Maxit Capital”) has provided a fairness opinion to the Board of Directors and the Special Committee of Eastmain that, as of the date thereof and, based upon and subject to the assumptions, limitations, and qualifications stated in such opinion, that the consideration offered under the Arrangement is fair, from a financial point of view, to Eastmain shareholders.

 

So here's my question. Do we shareholders think that Stifel GMP and Maxit Capital failed in their duties to ensure fairness to shareholders?

If so, what recourse do we (or Fury management for that matter) have?

Anyone with relevant banking or legal background able to comment...?
 

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