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Continental Precious sells Viken uranium property in Sweden

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Continental Precious sells Viken uranium property in Sweden

Continental Precious Minerals Inc. on Jan. 27 said it has transferred 11 mineral claims comprising the Viken U3O8 property in Sweden to EU Energy Corp. for C$300,000.

Continental will be entitled to a 2% net smelter royalty on the property, which EU Energy can buyback for C$600,000.

If EU Energy fails to start commercial production from the property within five years, the NSR will be reduced to 0.5% and can be purchased for C$150,000.

In addition, Continental is weighing its options regarding the delisting review initiated by the Toronto Stock Exchange in October 2016, as its shares failed to meet continued listing requirements.