Pursuant to the arrangement, former shareholders of QPM received 0.0741 of a common share of Fury for each QPM Share held (the Exchange Ratio). As a result of the arrangement, Fury issued an aggregate of 8 394 137 Fury Shares as of the completion of the arrangement. In addition, options and warrants of QPM that were outstanding as at the time of completion of the arrangement are now exercisable for Fury Shares on substantially the same terms and conditions, with the number of Fury Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio.
Transaction Highlights:
- Deliver increased scale and enhanced diversification with the addition of several prospective gold and critical minerals exploration assets located in Quebec.
- Provide synergy and cost savings with Fury’s board and management team with a track record of capital raising, discovery, exploration success, and community engagement leading the combined company.
With the completion of the acquisition of QPM, Fury now owns a gold and critical mineral exploration portfolio totalling over 157 000 ha in Québec. The properties acquired by Fury pursuant to the arrangement include the Sakami project, the Elmer East project, and the Kipawa project.
Tim Clark, CEO of Fury, commented:
“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. We believe the combined strengths of our teams and resources will drive greater operational efficiency and unlock long-term value for shareholders.”
Normand Champigny, CEO and Director of QPM, commented:
“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.”