Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) has more than doubled its Metal Energy Corp (TSX-V:MERG, OTCQB:MEEEF). stake after receiving nearly 2.4 million shares as payment under a deferred consideration agreement tied to the Highland Valley Project in British Columbia.
The Vancouver-based junior received 2,358,797 shares, putting its current stake at 4,233,217 common shares.
The consideration shares, issued under the Tranche One and Tranche Two payments of the acquisition agreement, carry an aggregate deemed value of C$2 million.
They were priced at C$0.85 per share, representing the 30-day volume weighted average price of Metal Energy's common shares as calculated under the agreement from November 2024.
Fox Tungsten is focused on its 100%-owned portfolio of tungsten and polymetallic projects in British Columbia. Its flagship Fox Tungsten Project hosts one of the highest-grade tungsten resources in the western world, according to the company.
The company is currently drilling up to 20,000 metres on the property.