Fitzroy Minerals Extends Deadline for Acquisition of Ptolemy Mining
VANCOUVER, BRITISH COLUMBIA, February 28, 2025 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) (“Fitzroy” or the “Company”), a mineral exploration and development company, is pleased to provide an update on the pending acquisition of Ptolemy Mining Limited (“Ptolemy”). The Acquisition, which was initially announced on October 30, 2024, is being carried out pursuant to a share exchange agreement entered into by the Company, Ptolemy, and Ptolemy’s shareholders.
Amendment to the Agreement
On February 27, 2025, Fitzroy and Ptolemy entered into an amendment to the Agreement. The amendment extended the outside date for the completion of the Acquisition from February 28, 2025, to March 31, 2025.
Reason for Extension
The extension was necessary due to the need for additional time to satisfy certain conditions precedent to the completion of the Acquisition. The Company and Ptolemy are working diligently to meet these conditions and are confident that the Acquisition will be completed by the new deadline.
Impact on Fitzroy Minerals
For Fitzroy Minerals, the acquisition of Ptolemy represents a significant step forward in the Company’s growth strategy. Ptolemy holds a portfolio of highly prospective mineral properties in Western Australia. The acquisition will provide Fitzroy with a larger land position and a greater diversity of mineral targets, enhancing the Company’s exploration potential.
Impact on the Mining Industry and the World
The mining industry, and the world at large, stands to benefit from the acquisition in several ways. The exploration and development of new mineral deposits can lead to the discovery of new resources, which can contribute to economic growth and job creation. Furthermore, the acquisition may lead to the development of new technologies and innovations in the mining sector, which can make mining operations more efficient and sustainable.
Conclusion
Fitzroy Minerals’ extension of the deadline for the acquisition of Ptolemy Mining is a positive development for the Company and the mining industry as a whole. The acquisition will provide Fitzroy with a larger land position and a greater diversity of mineral targets, while contributing to the discovery of new resources and the development of new technologies in the mining sector. Fitzroy remains committed to completing the Acquisition by March 31, 2025, and will provide further updates as they become available.
- Fitzroy Minerals extends deadline for acquisition of Ptolemy Mining
- Acquisition represents a significant step forward in Fitzroy’s growth strategy
- Ptolemy holds a portfolio of highly prospective mineral properties in Western Australia
- Acquisition to contribute to economic growth and job creation
- May lead to the development of new technologies and innovations in the mining sector
