Auric revives reverse merger

Auric Gold & Minerals of Reno still plans to go public through a reverse merger with a publicly-listed gold company.

Auric is majority owned by Whitney & Whitney Inc. of Reno. And Whitney & Whitney, in turn, is a wholly owned subsidiary of Itronics Inc., whose stock is traded on the Pink Sheets.

Last week, Auric said it's reached a new agreement with the as-yet-unidentified public company with which it plans to merge. The companies signed a letter of intent on the deal last October. That letter expired July 1, although a new letter of intent runs through Dec. 1.

The agreement calls for Auric to raise $2 million in fresh capital, and Auric executives cautioned that there's no certainty the deal will be closed.

Auric holds claims on approximately 12 square miles in the Yerington area, which has drawn increased recent interest from copper miners.