NewPeak Metals is selling all its shares in its Finnish mining companies, NewPeak Finland (NFO) and Kultatie Holding (KHO), and its 25 per cent share in New Zealand Gold mineral permits. These Finnish companies own the gold mining rights in Finland.
This move is part of NewPeak's plan to focus more on metals used in batteries and other important metals.
For selling these assets, NewPeak will get a total of A$150,000 ($98,160) and C$500,000 ($371,062) in cash, plus shares worth C$1,000,000 in the buying company. There's also an extra payment of C$1,500,000, which could be in cash or shares if a report shows at least 500,000 ounces of gold in these areas.
Several permits included
The agreement includes the transfer of many mining permits in Finland, like the Hopeavuori and Isovesi permits owned by NFO, and the Luutasuo permit owned by KHO.
Additionally, KHO owns most of a joint company with Tammela Minerals, called Kultatie, which has permits for two more mining areas.
This sale follows NewPeak's recent sale of its Otago Gold permits and is part of its bigger plan to change its business focus.
Source: NewPeak Metals