Avrupa Minerals Ltd. (TSXV:AVU) acquired the remaining 7.5% interest in Innomatik Exploration Kosovo LLC from four owners, Peter Merkel, Paul Nelles, Michael Diehl, and Gail Warrander, respected exploration and mining advocates in Kosovo. The Company now owns 100% interest in Innomatik.
As quoted in the press release:
The terms of the acquisition are:
- Avrupa shall issue the four owners a total 450,000 common shares of Avrupa, subject to certain trading restrictions, as soon as Avrupa obtains the approval from the TSX Venture Exchange to this agreement and the issuance of the shares.
- For a previous land payment extension granted in June 2012 by IEK on the two licenses in Kosovo, namely Kamenica and Glavej, Avrupa will provide, by December 31, 2013, the agreed-upon payments equivalent to EUR50,000 in cash or shares per license, as stipulated by the June 2012 agreement.
Avrupa Minerals Ltd. CEO, Paul W. Kuhn, said:
Purchasing the remaining 7.5% interest in Innomatik allows the Company to better negotiate with potential JV partners on its properties in Kosovo.