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European Electric Metals Inc ( (TSE:EVX) ) just unveiled an announcement.
European Electric Metals Inc. has amended its agreement with Storm Exploration Inc. for the acquisition of the Miminiska Gold Property in Ontario, restructuring how the share-based portion of the purchase price will be satisfied. The amendment caps the number of “Second Consideration Shares” to be issued to Storm at 19.9% of European Electric Metals’ outstanding shares, limits Storm’s total holdings from the deal and a concurrent private placement to below 49.9%, and sets an absolute maximum of 3,937,500 shares, with any shortfall from the agreed C$787,500 value to be made up in a one-time cash payment. The transaction is still subject to TSX Venture Exchange approval and customary closing conditions, and the company’s shares will remain halted while the acquisition and related approvals are finalized.
More about European Electric Metals Inc
European Electric Metals Inc., listed on the TSX Venture Exchange, is a resource company focused on acquiring and developing mineral properties, with a growing emphasis on gold assets such as those in the Miminiska-Fort Hope greenstone belt in Ontario’s Thunder Bay North Mining District.
Average Trading Volume: 166,762
Technical Sentiment Signal: Sell
Current Market Cap: C$12.58M
For an in-depth examination of EVX stock, go to TipRanks’ Overview page.