American Battery Metals (CSE: ABC) announced this week that it has entered into a non-binding letter of intent to acquire a 90% interest in Ontario-based E.U. Energy Corp. and its 100%-owned Viken project in Sweden.<\/p>\n
In a media statement, the North Vancouver-based company explained that the letter of intent stipulates that American Battery Metals has to issue 20 million shares in exchange for 90% of the issued and outstanding shares of E.U. Energy, in addition to the right for E.U. Energy to nominate one member to the board.<\/p>\n
The proposed transaction is also subject to a non-brokered private placement for C$1.5 million, a bridge loan to E.U. Energy, due diligence, finalization by both parties to enter into a definitive agreement, in addition to regulatory approvals.<\/p>\n
“This transaction represents a significant milestone for ABM as the Viken is one of the largest, development-stage, vanadium projects globally with the potential for substantial by-product metal production,” Michael Mulberry, President & CEO of American Battery Metals, said in the press release.<\/p>\n Viken is located in J\u00e4mtland County, some 570 kilometres north-northwest of Stockholm.<\/p>\n The project is host to a significant National Instrument 43-101 polymetallic Mineral Resource, representing an in-situ vanadium (V2O5) Mineral Resource of 163 million pounds in the Indicated category and 16.7 billion pounds in the Inferred category.<\/p>\n According to American Battery Metals, the project has seen a significant amount of work with a 2010 Preliminary Economic Assessment outlining an open pit mine for vanadium, molybdenum and nickel, followed by a 2014 Updated PEA to evaluate the use of bio-heap leaching.<\/p>\n “More recently, E.U. Energy has engaged P&E Mining Consultants Inc. to evaluate a more efficient footprint, lower CAPEX, vanadium-focused operation with the potential for significant by-product metal production,” ABM said in the media brief.<\/p>\n The post American Battery Metals wants option to acquire Viken vanadium project in Sweden<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The project has a Mineral Resource of 163 million pounds in the Indicated category and 16.7 billion pounds in the Inferred category.<\/p>\n The post American Battery Metals wants option to acquire Viken vanadium project in Sweden<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1990,424,404,369,1330,410],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113469"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1113469"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113469\/revisions"}],"predecessor-version":[{"id":1113560,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113469\/revisions\/1113560"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1113469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1113469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1113469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}As a result of the financing condition in the LOI, ABM will pursue a non-brokered private placement for C$1.5 million.<\/q><\/p>\n