FMR Resources (ASX:FMR) has agreed to sell its Fairfield Project in Canada to Australian company MFM Resources for $200,000 worth of MFM shares.
The transaction allows FMR to focus on its Chilean portfolio, which includes the Los Warbos, La Lorena, and Llahuin joint venture projects in central Chile.
Located in the Canadian Appalachian Copper-Gold Belt, Fairfield is considered prospective for copper deposits.
Under the conditional agreement, FMR will sell all issued share capital in Canadian Future Metals, which owns 100% of Fairfield through its wholly owned subsidiary Canada Future Metals.
Consideration comprises $200,000 in fully paid ordinary MFM shares, calculated using the price per share of MFM’s proposed Australian Securities Exchange (ASX) listing capital raising.
MFM plans to list on the ASX by early 2027 and is not a related party to FMR.
Completion remains conditional on several factors by late March 2027. These include MFM receiving ASX listing approval, FMR obtaining required approvals including shareholder approval and ASX Listing Rules confirmations or waivers, and MFM completing due diligence.
FMR shareholders also will receive an opportunity to participate in MFM’s initial public offering.
FMR Resources is an explorer focused on battery and critical metals, with projects in Chile and Canada.
Write to Paula Fabe at Mining.com.au
Main image: FMR Resources
