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(Sharecast News) - Metals One announced on Thursday that it has signed a share purchase agreement to acquire FinnAust Mining Finland from 80 Mile, securing full ownership of the Hammaslahti and Outokumpu copper projects in Finland.
The AIM-traded firm said completion remained subject to conditions outlined in its previous announcement on 19 March.
It said the acquisition would give Metals One 100% ownership of both projects, which are associated with former producing copper mines.
The company planned to start drill testing at Hammaslahti later in the year following the identification of significant sulphide mineralisation, and was advancing geophysical surveys at Outokumpu in preparation for further exploration.
As part of the transaction terms, 80 Mile said it would have the right to appoint a director to the board of Metals One while it retained at least 10% of the company's voting rights, subject to the approval of Metals One's nominated adviser.
Upon the appointment of the proposed director, Thomas Levin would step down from the board, having previously represented 80 Mile.
Separately, Sara Minchin had resigned from the board with immediate effect to focus on other business interests.
"This is an exciting time for Metals One," said chief executive officer Jonathan Owen.
"With the backing of new investors, the company is preparing to advance these two highly prospective copper exploration projects.
"Considering the historical expenditure on the licences, we believe significant value appreciation can be achieved with relatively modest exploration spend."
At 0942 BST, shares in Metals One were up 6.33% at 15.95p.
Reporting by Josh White for Sharecast.com.
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