EMX Royalty Corp.'s 18.1%-held affiliate Boreal Metals Corp. completed an initial public listing and started trading on the TSX Venture Exchange as a Tier 2 issuer.
Boreal raised over C$5 million via equity and private placement financings, according to a Dec. 13 release.
The company holds 9,205,882 common shares of Boreal and net smelter returns royalty interests over its four exploration projects in Scandinavia.
The projects include the Gumsberg and Adak projects in Sweden and the Tynset and Burfjord projects in Norway.
Boreal acquired the projects from EMX for an initial 19.9% equity ownership, uncapped 3% royalty interests on each of the projects, annual advance royalty payments and other considerations.
