-- Blue Moon Metals (MOON.V) is acquiring claims adjacent to the Springer Tungsten Mine in Nevada, from GoldPlay LLC and Robert Schafer for 188,199 shares and US$1.0 million cash, the company said on Tuesday.
The transaction also includes a sliding scale gross revenue royalty (GRR) on the concessions. Blue Moon may buy down the GRR to 1.5% for a period of three years for a cash payment of US$2.0 million.
The claims consist of nine unpatented mineral claims and cover a portion of some historically identified veins, and have seen high-grade drill results such as 1.0m @ 3.95% tungsten trioxide.
The acquisition is expected to be completed by early May.
Blue Moon shares were last seen down $0.91 to $10.00 on the TSX Venture Exchange.
Price: $9.99, Change: $-0.92, Percent Change: -8.43%