This follows the recent sale of Finland’s gold permits and marks the company’s departure from Scandinavia.
Diversified mineral exploration junior NewPeak Metals Limited has signed a term sheet to dispose of its mineral permits in Sweden as part of its rejuvenation plans.
The ASX-listed company will sell 100% of its Finnish subsidiary, which holds Sweden’s permit portfolio. This follows the recent sale of Finland’s gold permits and marks the company’s departure from Scandinavia.
A private, unlisted Canadian company, led by resources entrepreneur Emma Fairhurst, is to acquire NewPeak Sweden.
Upon execution of the transaction documents, NewPeak will receive C$250,000 in shares of the unlisted Canadian entity and a milestone payment of C$750,000 in cash or shares will be paid upon a notice of appeal. at least three million tons with 0.3% tungsten.
The transaction was structured to close on August 31. NewPeak understands that the rights to the privately held company will be assigned to a publicly traded Canadian entity upon closing of the transaction.
“The board is very pleased with this outcome, particularly as the Swedish mineral assets were added at no cost to the original acquisition of the Finland Gold projects. The company spent minimal funds on field exploration and resource evaluation, although it was pleasantly surprised that the results indicated such good potential,” said NewPeak president Brian Moller.
The Swedish assets comprise a group of seven exploration permits covering a total area of 11,012 ha in the historic Bergslagen tungsten mining field, near the town of Grängesberg. These include the Yxsjöberg, Gubbo, Hörken, Högfors, Sandudden and Gänsen prospects.
With its Scandinavian exit complete, NewPeak only has its Argentine gold assets left to divest.
“Talks are ongoing, although we maintain our position that Argentina Gold’s assets have good potential and we can develop them ourselves,” the company said.
