Sunstone Metals has completed the sale of its interest in the Viscaria copper project to Copperstone Resources AB.
Sunstone Metals (ASX:STM) has completed the sale of its interest in the Viscaria copper project to Copperstone Resources AB.
As stated in the press release:
Upon closing, Copperstone paid to Sunstone the initial purchase price consisting of SEK 20 million in cash (~AU$3 million) and 160 million new shares in Copperstone (currently valued at ~AU$24.4 million at Copperstone share price of SEK 1.015), while Sunstone transferred 100 percent of the shares in Avalon Minerals Viscaria AB to Copperstone.
An additional amount of SEK 20 million plus accrued interest of 7 percent per annum will be paid in cash no later than four months following closing, alternatively, at the election of Sunstone, the SEK 20 million plus interest may be converted into newly issued Copperstone shares at 10 percent discount on the VWAP for 10 trading days preceding the four month expiration.
Malcolm Norris, Sunstone managing director, commented:
“We are excited to be involved with the new Copperstone as its largest shareholder and we look forward to working with them to move its portfolio of projects forward and increase shareholder value. This is being undertaken in a strong copper price environment, and with increasing optimism from analysts that the copper price will continue to strengthen.”