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European Energy Metals Closes the Acquisition of Additional Properties in Finland
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - European Energy Metals (TSXV:...
About this update from Grit Metals Corp.
[{"type":"text","content":"European Energy Metals Closes the Acquisition of Additional Properties in FinlandVancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) (\"European Energy\" or the \"Company\") is pleased to announce that it has received regulatory approval for and thus completed its previously announced acquisition of seven mineral reservations (the \"Reservations\") located in northern and central Finland (the \"Transaction\").Pursuant to the Transaction, the Company has acquired all of the shares of BB Gold Inc., a company existing under the laws of Newfoundland and Labrador and its wholly owned Finnish subsidiary Sisu Exploration Oy, the direct owner of the Concessions, from a private individual (the \"Vendor\") in exchange for the issuance of 1,250,000 common shares (the \"Consideration Shares\"). The Consideration Shares are subject to the following contractual resale restrictions:Number of Consideration SharesContractual Resale Restriction Period500,000No contractual resale restriction250,000December 1, 2023250,000March 1, 2024250,000June 1, 2024 The Vendor has also been granted a 1% net smelter royal on six of the seven Concessions. About the PropertiesThrough this agreement the company acquires a 100% interest in 7 Mineral Reservations covering approximately 3,106.5 km2 as outlined in the Table and Map at the end of the press release and described more fully below.Kontti and Kontti 2 ReservationsThese reservations are underlain by a series of approximately 1.8 billion year old granitoids, including S-type \"microcline\" granites intruding migmatites and metasedimentary rocks of the Central Lapland Granitoid Complex and hosting numerous pegmatite occurrences. These reservations are considered prospective for battery and rare metals (Lithium, Cesium and Tantalum), and rare earth elements (Ytrium, Niobium and Fluorine) among others.Haara ReservationThis reservation in the northern part of the Central Lapland Greenstone Belt (CLGB) is also underlain by a series of approximately 1.8 billion year old granitoids, including 2 mica granites intruding meta-sedimentary and meta-volcanic rocks and pegmatites. This reservation is considered prospective for battery and rare metals (Lithium, Cesium and Tantalum), and rare earth elements (Ytrium, Niobium and Fluorine) among others.Mairivaa...