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Europa Metals Ltd - Europe-focused lead-zinc and silver developer - Concludes farm-in arrangement that will see Denarius Metals Corp acquire up to an 80% ownership interest in Europa Metals' wholly owned Toral Zn-Pb-Ag Project, located in Leon Province, Northern Spain, in two stages. In stage one, Denarius will be afforded the exclusive right to acquire 51% of the project's intermediate holding company, Europa Metals Iberia SL, or the project's underlying permit, by spending USD4 million on the project over a period of up to three years. As for stage two, Denarius will be afforded the exclusive right to acquire an additional 29% for USD2 million.
The proposed deal is subject to confirmatory due diligence by Denarius, the finalisation and entering into of definitive documentation, and all requisite shareholder and regulatory approvals as appropriate. "The Board has for some time been evaluating a range of options to advance the Toral project towards development in a manner that minimises dilution for the company's shareholders as far as possible whilst also providing exposure to the significant future value inherent in the project," said Myles Campion, Chair and acting Chief Executive Officer of Europa Metals.
Johannesburg current stock price: ZAR0.84, up 47% on Wednesday afternoon
12-month change: down 53%
London current stock price: 4.15 pence, up 42%
12-month change: down 33%
By Artwell Dlamini; artwelldlamini@alliancenews.com
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