Eurasian Minerals Inc. (
TSX: V.EMX,
Stock Forum) announced the sale of its geothermal energy assets in Slovakia and Peru to privately-held Starlight Geothermal Ltd. (SGL), resulting in further organic royalty property growth for the company.
According to the
Eurasian Minerals press release, the geothermal assets in Slovakia and Peru were sold to SGL for an upfront cash payment, an equity position consisting of approximately 5% of SGL's issued and outstanding shares, annual advance minimum royalty payments until production commences, and once production commences a 1% gross royalty on its geothermal licenses in Slovakia and a 0.5% gross royalty on its geothermal licenses in Peru.
In Slobakia the assets include the Ziar Basin of west-central Slovakia and the Pannonian Basin in the southeastern corner of the country. The company's geothermal portfolio in Slovakia totaled five licenses covering approximately 320 square kilometers.
EMX also assessed opportunities in Latin America that led to the acquisition of four geothermal licenses totaling 328 square kilometers in Peru, including the Tambochaca, Pumahuiri, Sengata, and Coropuna projects. These licenses occur in prospective regions of Peru's Western and Eastern Cordillera that include geologically recent volcanism and occurrences of thermal springs and fumaroles.
Eurasian is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and underexplored mineral belts.
On Wednesday, Eurasian was trading at $1.37 a share. The company had a market cap of $99.3 million, based on 72.5 million shares outstanding.