Austin, 6-foot-3 and 234 pounds, was selected by the Sabres in the seventh round of the 2012 draft. He is coming off a career season in which he had nine goals and 24 assists in 67 games split between Belleville and London in the Ontario Hockey League.
The signing was announced Thursday. NHL teams have until Sunday to sign their 2012 draft picks to retain their rights.
I'm very excited about what happened today. We've worked on this deal with Toronto for a month, or over a month. It got a little bit of legs on draft day, but it really heated up last night, and we were able to complete the deal today.
— Penguins GM Jim Rutherford on Phil Kessel, who he acquired from the Maple Leafs in a trade on Wednesday