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What Gave Battle North (BNAUF) Stock A 41% Gain?

Yesterday’s close saw Battle North Gold Corporation (OTCQX: BNAUF) shares surge 41.10% to $2.0601. There were 3.55M of BNAUF shares traded on the day, compared to the average weekly trading volume of greater than 686K shares. News of a merger drove the surge.

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How will BNAUF merge?

As an expanding gold producer in the Red Lake Gold District of Ontario, Canada, Battle North is building the Bateman Gold Project. Amongst the exploration grounds in the district, BNAUF controls the second biggest. Also owned by Battle North is a large land package with a gold trend near the Nevada-Utah border in the United States. Stocks of Battle North are traded on the Toronto Stock Exchange (BNAU) and at the OTCQX (BNAUF).

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A definitive arrangement agreement was announced by Battle North Gold Corp. and Evolution Mining Limited (ASX: EVN) yesterday.

Conclusion:

Bringing together the Red Lake assets of Battle North (BNAUF) and Evolution will reduce the risk of development and execution and will be way more beneficial for the merging companies. Moreover, an all-cash offer that is significantly more than the market will certainly benefit holders of BNAUF stock.

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