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FireFly Metals Shares Lower After Completing Sale of Ontario Gold Assets to Bellavista Resources

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-- FireFly Metals (ASX:FFM) shares were down more than 5% in recent Thursday trading after the company said late Wednesday it completed the sale of its Ontario gold assets to Bellavista Resources (ASX:BVR).

The assets included a 70% stake in the Pickle Crow gold project and full ownership of the Sioux Lookout project.

The deal's scrip consideration is 60 million Bellavista shares and contingent consideration of 50 million Bellavista performance rights. FireFly shareholders are expected to receive one Bellavista share for every 12.8 FireFly shares held through an in-specie distribution with a record date of May 4.

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