-- FireFly Metals (ASX:FFM) and Bellavista Resources (ASX:BVR) obtained all necessary shareholder approvals and satisfied or waived remaining conditions for the sale of FireFly's Ontario gold portfolio, including its 70% stake in the Pickle Crow Project and full ownership of the Sioux Lookout Project, according to a Friday filing with the Australian bourse.
Completion of the transaction is expected on April 29, per the filing.
Firefly will receive 60 million Bellavista shares upfront, along with 50 million performance rights, with an in-specie distribution to shareholders scheduled for May 11, equating to around one Bellavista share for every 12.8 Firefly shares held, the filing said.
The transaction includes a waiver of the Australian Taxation Office class ruling condition, with tax treatment still pending final confirmation, the filing added.
FireFly Metals and Bellavista Resources' shares each shed about 1% in recent Friday trade.