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District Closes Acquisition of the 2.0% NSR Royalty on the Viken Energy Metals Deposit in Sweden
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - District Metals Corp. (TSXV: ...
About this update from District Metals Corp.
[{"type":"text","content":"District Closes Acquisition of the 2.0% NSR Royalty on the Viken Energy Metals Deposit in SwedenVancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); (\"District\" or the \"Company\") is pleased to announce that it has closed its previously announced acquisition of the 2.0% net smelter returns (\"NSR\") royalty over the remaining four mineral licences (Norra Leden, Norr Viken, Lill Viken, and Storviken) covering the Viken Deposit (Figure 1) located in Jämtland County, central Sweden (see news release January 8, 2025). As a result, District's 100% owned Viken Deposit is now completely free of any NSR royalty.Pursuant to the definitive royalty purchase agreement, District acquired the 2.0% NSR from an arm's length vendor for a purchase price of 500,000 common shares of District (the \"Consideration Shares\"). The Consideration Shares are subject to a hold period of 4 months and one day, from the date of issue.Garrett Ainsworth, CEO of District, commented: \"In January 2024, District completed the full consolidation of the Viken Energy Metals Deposit and has now closed the acquisition to eliminate all NSR royalties tied to the deposit. The Viken Deposit is hosted within Alum Shales, which are rich in critical and important energy metals crucial for the green energy transition, such as uranium, vanadium, nickel, molybdenum, copper, zinc, and rare earth elements. Moreover, the Alum Shales hold the potential for significant production of sulphate of potash, a valuable resource that would greatly benefit the agriculture-driven economy of Jämtland County, Sweden, and Europe. This acquisition comes after the Swedish Government's release of their inquiry report on lifting the uranium moratorium, along with a supportive press release, which we have commented on here.\"Technical InformationAll scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.Drilling data disclosed in this news release relates to historical drilling results. District has not undertaken any independent investigation of the sampli...