Canada-focused gold exploration company Fury Gold Mines has completed the acquisition of Québec Precious Metals (QPM) by acquiring all the issued and outstanding common shares of QPM.
The acquisition agreement was signed between the companies in February this year.
The acquisition provides Fury with a prospective gold and critical minerals exploration portfolio exceeding 157,000ha in Quebec. The portfolio includes the Sakami, Elmer East and Kipawa projects.
The transaction also enhances Fury’s position in the mining sector, particularly within the James Bay gold camp and the Témiscaming region, where the Kipawa project is located.
Under the terms of the arrangement, QPM shareholders received 0.0741 of a Fury common share for each QPM share held, resulting in the issuance of approximately 8.4 million Fury shares.
Options and warrants of QPM are now exercisable for Fury shares, adjusted according to the exchange ratio.
Fury CEO Tim Clark said: “We are pleased to officially complete this transformative transaction, which doubles Fury’s footprint in the Eeyou Istchee James Bay territory.
“The integration of QPM’s high-potential gold and critical minerals assets with Fury’s existing portfolio and strong financial position creates a more robust platform for exploration and growth.”
Trading of QPM shares on the TSX Venture Exchange and the Frankfurt Stock Exchange has been halted, with delisting expected by 30 April 2025. QPM will also seek to cease being a reporting issuer in Canada.
McMillan is serving as Fury’s Canadian legal advisor, while BCF Business Law is advising QPM.
QPM CEO and director Normand Champigny said: “Completing this transaction with Fury marks an exciting new chapter for QPM’s shareholders. With access to Fury’s strong leadership, financial resources and permitting expertise, we are confident in the enhanced ability to accelerate exploration efforts at Sakami and beyond.
“This combination validates the work accomplished to date and positions the assets for meaningful advancement, offering significant upside potential in today’s supportive gold market.”
