Euro Sun closes acquisition of outstanding shares of Vilhelmina Minerals

11 October 2019 (Last Updated October 11th, 2019 15:27)

Canada-based mining company Euro Sun Mining has completed the acquisition of all issued and outstanding shares of Vilhelmina Minerals that it does not own.

Canada-based mining company Euro Sun Mining has completed the acquisition of all issued and outstanding shares of Vilhelmina Minerals that it does not own.

Ontario-incorporated Vilhelmina holds a 46.9% ownership interest in Vilhelmina Mineral (Vilhelmina Sub), a Sweden-based private firm owning an interest in past-producing mines in Sweden and Norway.

Following the Vilhelmina deal, Euro Sun acquired a total of 2.45 million common shares from other existing shareholders of Vilhelmina for an overall purchase price of 9.08 million common shares of Euro Sun, issued from treasury.

Euro Sun stated that Vilhelmina Sub is re-permitting the past-producing Stekenjokk copper mine in Sweden and the Joma Gruver copper mine, which is located 60km across the border from Stekenjokk in Norway.

In May 2018, Nevsun Resources turned down a C$1.5bn ($1.16bn) takeover bid from Euro Sun Mining and its partner Lundin Mining.

Euro Sun Mining then revised the terms of its portion of the joint proposal with Lundin Mining for Nevsun’s acquisition in June 2018. Under the amended proposal, Euro Sun offered C$150m ($115m) in cash and the same value in stock as its share of the deal.

Euro Sun Mining is engaged in the exploration and development of its fully-owned Rovina Valley Gold and Copper Project located in west-central Romania. The Rovina Valley project was awarded the mining licence in May 2015.