07:47 AM EST, 02/26/2025 (MT Newswires) -- Fury Gold Mines ( FURY ) on Wednesday agreed to buy all the outstanding common shares of Quebec Precious Metals ( CJCFF ) in exchange for Fury common shares.

Fury said the deal will create a combined company that consolidates a prospective gold and critical minerals exploration portfolio totaling over 157,000 hectares in Quebec.

QPM shareholders will receive 0.0741 Fury shares for each QPM share, and implies a price of $0.04 per QPM share, a premium of about 33% based on the closing prices of Fury and QPM on Feb. 25.

Fury Chief Executive Tim Clark commented: "This Transaction is an exciting opportunity given it doubles Fury's land package in the Eeyou Istchee territory in the James Bay Region of Quebec and unites complementary assets, teams, and investor bases which should ultimately increase shareholder value at both companies. Combining QPM's gold and critical minerals portfolio of exploration projects with Fury's projects and strong balance sheet will not only help improve cost efficiency but also add to the potential for new discoveries."

On completion of the deal, existing Fury and QPM shareholders would own about 95% and 5% of the combined company, respectfully, on an undiluted basis, with Fury continuing to be listed on the TSX and NYSE American under the same name and ticker symbol. Fury's board will remain unchanged to lead the combined management and project teams, and the head office will continue to be in Toronto, Canada, following the execution of the deal.

QPM Chief Executive Normand Champigny will be appointed as a strategic advisor to Fury and Fury's representative for the Kipawa project. The companies expect the completion of deal by the end of April.

Either Fury or QPM would be entitled to a termination fee of $0.2 million, under certain circumstances.

U.S.-listed shares of Fury Gold were last seen down 0.25% at US$0.3621 in pre-market trading. Shares of QPM closed flat at C$0.030 on Tuesday on the TSX Venture Exchange.