Eurasian Minerals agrees to sell four Scandinavian properties
Eurasian Minerals announced the execution of a definitive agreement with Boreal Metals, a British Columbia corporation, pursuant to which BMC will acquire two wholly-owned subsidiaries of the company that control the Gumsberg and Adak exploration assets in Sweden and the Tynset and Burfjord assets in Norway. Closing is expected to occur on or before December 31, 2016. The sale of the Scandinavian portfolio is another example of Eurasian's execution of its royalty generation business model, resulting in additional organic royalty property growth for Eurasian, as well as establishing a substantial equity position in a new Scandinavian-focused resource company. At closing, BMC will issue to Eurasian that number of common shares of BMC that represents a 19.9% equity ownership in BMC; BMC will have the continuing obligation to issue additional shares of BMC to Eurasian to maintain its 19.9% interest in BMC, at no additional cost to Eurasian, until BMC has raised CDN $5,000,000 in equity; thereafter Eurasian will have the right to participate pro-rata in future financings at its own cost to maintain its 19.9% interest in BMC.