Fulcrum Metals PLC - Canada-focused mineral exploration and development company - Enters into mineral claim purchase agreement between the company, its subsidiary Fulcrum Metals (Canada) Ltd, and TSX-listed 1911 Gold Corp, to acquire a 100% interest in the Tully Gold Project in Timmins, Ontario for CAD800,000, or GBP469,8484. The project has an estimated 107,000 ounce of gold resource at less than USD6.0 per ounce.
Fulcrum Metals also raises GBP520,000 via a subscription. The net proceeds from the fundraising will be used by the company to satisfy the consideration due under the purchase agreement, costs and for working capital needs. Panther Metals, company focused on mineral exploration in Canada, which holds 10.0 million shares in Fulcrum representing 20% of its entire issued share capital.
"Fulcrum are strategically building an exploration business of note in Canada. The time to secure best value from asset purchases is in a depressed market, the timing of this deal looks perfect," says Chief Executive Officer Darren Hazelwood.
Current Fulcrum stock price: 14.70 pence
12-month change: down 19%
Current Panther Metals stock price: 3.60 pence, up 4.4%
12-month change: down 30%
By Will Neill, Alliance News reporter
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Fulcrum Metals (FMET)
Panther Metals (PALM)