Toronto-listed Euro Sun Mining on Monday announced that it would buy Vilhelmina Minerals – an Ontario-based company that holds 46.9% ownership interest in a private Swedish firm with interests in past producing mines in Sweden and Norway.
“Sweden and Norway are two of the strongest mining countries in Europe and we look forward to building upon Vilhelmina in creating a significant new European focused mining company,” said Euro Sun CEO Scott Moore.
Vilhelmina Sub is currently re-permitting the past producing Stekenjokk copper mine in Sweden and the Joma Gruver copper mine, 60 km across the border from Stekenjokk in Norway.
The company currently owns 1 274 000 common shares of Vilhelmina, representing about 37.8% of the total issued and outstanding shares of Vilhelmina. Pursuant to the terms of the definitive agreement, the company will issue 3.698569 common shares in exchange for each Vilhelmina common share held by a Vilhelmina shareholder for a total purchase price of 9 088 235 shares.
Euro Sun, which is focusing on the Rovina Valley gold and copper project in Romania, traded nearly 5% lower on Monday at C$0.30 a share.