Europa Metals Ltd (AIM:EUZ, JSE:EUZ) has agreed a deal to sell its 100% interest in the Toral project, in northern Spain, to Denarius Metals Corp.
A share-based transaction is valued at C$3.5 million in equity – with Europa being paid 7 million of Denarius’ Cboe and OTC listed shares priced at C$0.50 each (all subject to a four-month hold agreement).
Europa separately announced a new reverse takeover which sees it acquire the Tynagh brownfield project in County Galway, Ireland. The project is effectively a high-grade tailings recycling venture, with over 6 millions of resource.
Via the Denarius deal, meanwhile, Europa shareholders will retain exposure to the Denarius’ portfolio which includes projects in Colombia and Spain.
Europa’s shareholders will be asked to approve the transactions at an extraordinary general meeting scheduled for mid-October 2024, with the final closing anticipated before the end of 2024.