FireFly Metals Ltd. (ASX: FFM) is set to expand its presence in Canada's Baie Verte VMS mineral district, acquiring 169sqkm of additional ground adjacent to its Green Bay copper-gold project from Gold Hunter Resources Inc. The purchase, valued at C$15.5 million, includes C$500,000 in cash and C$15 million in fully paid ordinary FireFly shares. This move solidifies FireFly Metals' dominance in the region.
The acquisition involves Gold Hunter's subsidiary, 1451366 B.C. Ltd., gaining a 100% interest in the Rambler and Tilt Cove projects, with an option to acquire the Marwan Project. The deal is subject to various conditions, including shareholder approval, amendments to mineral property option agreements, Gold Hunter's internal reorganization, and approval from the Canadian Securities Exchange. The completion of the acquisition will make FireFly Metals a key player in Newfoundland's copper-gold sector.
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