Gold Hunter Resources Shareholders Approve FireFly Metals Sale and Share Distribution Plan
Shareholders of Gold Hunter Resources have approved the sale of a subsidiary to FireFly Metals and a subsequent plan to distribute FireFly shares to Gold Hunter shareholders.
Vancouver, British Columbia – March 20, 2024 – Gold Hunter Resources Inc. announced the results of its March 15, 2024, shareholder meeting, where members approved a significant transaction with FireFly Metals Ltd.
The transaction involves FireFly Metals acquiring Gold Hunter's wholly-owned subsidiary, 1451366 B.C. Ltd., in exchange for 30,290,624 ordinary shares in FireFly Metals, valued at CDN$15 million. The deal received strong backing, with 98.143% of the votes cast in favor of the special resolution approving the transaction.
Shareholders also approved a statutory plan of arrangement. This plan will allow Gold Hunter to distribute a portion of the acquired FireFly Metals shares to its own shareholders on a pro-rata basis. For certain U.S. shareholders who do not qualify as accredited investors, a cash payment in lieu of shares will be offered. The arrangement is contingent on receiving a court order from the Supreme Court of British Columbia.
The meeting also addressed an update to the Marwan I Option Agreement. An amendment to a finder's fee agreement now designates FireFly Metals as responsible for a CAD$40,000 cash payment. This change is notable given the involvement of Gold Hunter's CEO, Sean Kingsley, in the finder arrangements, with the company having relied on exemptions from certain related party transaction regulations.