Europacific Metals Inc. (TSXV:EUP) signed an agreement to acquire remaining 30% stake in Borba 2 License in Portugal from European Electric Metals Inc. (TSXV:EVX) on May 4, 2023. The Company paid CAD 0.05 million and issued 700,000 Company's shares to European Metals. The shares will be released according to the following schedule:175,000(on November 25, 2023), 175,000(on February 24, 2024), 175,000(on May 24, 2024) and 175,000(on August 24, 2024).
The transaction is subject to receipt of Toronto Stock Exchange Venture approval. The Europacific shares (to be issued) will bear certain trading restrictions. As of July 21, 2023, TSXV has approved the transaction by accepting the filing for documentation.