Australia-based Applyflow has signed a binding share sale agreement to acquire Canada Future Metals, which holds the Fairfield and Fintry exploration projects in Canada.
The acquisition will see Applyflow buying 100% of the issued capital of Canada Future Metals, subject to conditions precedent being satisfied or waived.
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Upon completion of the deal, Applyflow will issue four million of its fully paid ordinary shares, 1.8 million options, and one million performance shares to the shareholders of Canada Future Metals.
Applyflow also proposes to rebrand as FMRResources.
The Fairfield Copper Project, located in the Appalachian Gold-Copper Belt, is known for its copper-gold deposits, including the historic Gaspe Copper Deposit with a production of 141 million tonnes at 0.9% copper.
Its claims extend over 15km of prospective strike and cover an area of 70.5km².
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By GlobalDataApplyflow plans to build upon historical exploration activities and further explore the project systematically to progress towards drill testing.
The Fintry Rare Earth Elements (REE) Project encompasses 12km² of claims within the Nagagami River alkalic complex in Ontario, Canada.
This region, part of the Archean and Proterozoic Superior Province terrain, is noted for its structural corridors of alkalic and carbonatite intrusive magmatism, with several known deposits and occurrences of REE and niobium.
Applyflow intends to leverage historical exploration results to specifically target the Fintry complex for these critical minerals.
To support the exploration of these projects, Applyflow plans to raise up to $2.7m through a public offer.
