Royex paper shuffle

Royex Gold Mining Corp. has signed a deal which will see affiliate company Mascot Gold Mines purchase 1.4 million shares of Golden North Resources from Royex. Mascot will issue Royex 450,000 of its common shares from treasury. The deal will reduce Royex’s interest in Golden North to nil and increase Mascot’s interest to 26%.

Royex also plans to sell 466,000 shares of Mascot to affiliate Lacana Mining Corp. for 403,000 Lacana common shares. This transaction will reduce Royex’s interest in Mascot to nil and increase Lacana’s stake to 50.6%. Royex’s interest in Lacana will increase to 44.6%.