Gold-seeking junior NewPeak Metals Ltd (ASX: NPM) has sold its Finnish subsidiary companies NewPeak Finland Oy and Kultatie Holding Oy – which control the company’s gold permits held within the country – to private Canadian company 1459992 BC for a cool CAD$1,000,000 in shares of a Canadian company nominated by the latter, plus CAD$500,000 in cash.
In addition, 1459992 BC – which is connected with Canadian corporate figure Emma Fairhurst – will sweeten the deal with a milestone payment of CAD$1,500,000 in cash or shares once a JORC Indicated 500,000 Oz Gold resource is reported.
The Canadian listed company which will provide CAD$1M in shares has yet to be named, but NewPeak will update the market with this information once it receives this information (ListCo nomination).
NewPeak – which also holds projects in Argentina, Sweden and New Zealand – said the decision to sell was informed by its strategic rejuvenation plans, which will be boosted by the cash injection.
NewPeak Metals is trading at 1.1c.