India, Feb. 1 -- FireFly Metals Ltd (FFM.AX, FFM.TO) has agreed to sell its Ontario Gold Assets, comprising its 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project, to ASX-listed Bellavista Resources Ltd (BVR.AX). The transaction will be settled through scrip consideration with a deemed aggregate value of up to A$86.1 million.
Under the agreement, FireFly will receive upfront consideration of 60 million Bellavista shares valued at approximately A$47.4 million, along with contingent consideration of 50 million Bellavista performance rights valued at approximately A$38.7 million. Subject to shareholder approval, FireFly plans to undertake an in-specie distribution of the upfront Bellavista shares, which is expected ...