On February 14, 2017, Vancouver-based Boreal Metals Corp. (“BMC”) completed its previously announced acquisition of Iekelvare AB and EMX Exploration Scandinavia AB, two wholly owned subsidiaries of Eurasian Minerals Inc. (TSXV: EMX) with properties in Sweden and Norway.
Pursuant to the transaction, BMC issued 1,713,390 common shares of the company to Eurasian, representing a 19.9% equity ownership in BMC. BMC also has the continuing obligation to issue additional shares of the company to Eurasian to maintain its 19.9% interest in BMC, at no additional cost to Eurasian, until BMC has raised $5 million in equity. Eurasian will also receive an uncapped 3% NSR royalty on each of the properties. As part of the deal Eurasian has the right to nominate one seat on the Board of Directors of BMC.
Kathy Tang of Miller Thomson advised BMC in this transaction.