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Sunstone takes 39.2% stake in Copperstone after close of Viscaria project sale

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Sunstone takes 39.2% stake in Copperstone after close of Viscaria project sale

Sunstone Metals Ltd. said March 9 that it became the largest shareholder in Copperstone Resources AB with a 39.2% stake after closing the sale of its Viscaria copper project in northern Sweden to the latter.

The Australia-listed explorer received an initial 20 million Swedish krona, together with 160 million shares valued at approximately A$24.4 million, as initial payment for the property.

A further 20 million krona, plus interest, will be paid out no later than four months after the deal's closing, with a further 20 million krona in cash and 46 million Copperstone shares to be paid out upon the issuance of an environmental permit for the Viscaria project.

As of March 8, US$1 was equivalent to 9.44 Swedish krona.