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Zara nixes deal to acquire Fox Automotive

Zara Resources Inc. said Feb. 6 that it terminated the deal to acquire Fox Automotive Switzerland AG.

The company canceled the acquisition of Magnum Pirex AG in September 2017.

Zara signed a letter of intent in March 2017 to acquire Fox Automotive Switzerland, Magnum Pirex AG and its unit Magnum Courb SAS in a reverse takeover, which would have seen it renamed Fox Magnum Automotive Inc. and exit mining.

The company will now seek to acquire other mineral properties and investigate other business opportunities.

Zara owns the Forge Lake gold and Pigeon River nickel-copper projects in Ontario.