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European Energy Metals Enters into Agreement to Acquire Additional Properties in Finland
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - European Energy Metals (TSXV: F...
About this update from Grit Metals Corp.
[{"type":"text","content":"European Energy Metals Enters into Agreement to Acquire Additional Properties in FinlandVancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) (\"European Energy\" or the \"Company\") is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in seven mineral reservations (the \"reservations\") located in northern and Central Finland (the \"Proposed Transaction\").Under the terms of the Proposed Transaction, the Company will acquire 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 reservations, from a private individual (the \"Vendor\") in exchange for the issuance of 1,250,000 common shares (the \"Consideration Shares\"). In addition to any statutory resale restrictions, the Consideration Shares will be subject to the following contractual resale restrictions:Number of Consideration SharesContractual Resale Restriction Period500,000No contractual resale restriction250,000Three months from the Closing Date250,000Six months from the Closing Date250,000Nine months from the Closing Date The Vendor will also be granted a 1% net smelter royalty on six of the seven Concessions. Completion of the Proposed Transaction is subject to customary closing conditions, including receipt of the approval of the TSX Venture Exchange.About the ConcessionsThrough 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, includi...