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FireFly Metals Completes Sale of Ontario Gold Assets to Bellavista Resources

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-- FireFly Metals (FFM.TO) has completed a sale of certain Ontario gold assets to Bellavista Resources, the company said Wednesday.

Under the share sale and purchase deed, FireFly sold its interests in the tenements comprising the Pickle Crow project and Sioux Lookout project through a sale of all the issued share capital in Auteco Minerals (Canada) to Bellavista. The sale assets comprise FireFly's 70% interest in Pickle Crow and 100% of Sioux Lookout.

FireFly also assigned its rights and interests in certain intercompany loans receivable due by Auteco Minerals to Bellavista.

Total upfront consideration was 60 million Bellavista shares and contingent consideration was 50 million Bellavista performance rights.

The in-specie distribution to FireFly shareholders of record as of the record date of May 4 will occur on May 11. FireFly shareholders are expected to receive one Bellavista share for every 12.8 FireFly shares held.

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