NL jumped on the following news (and I thought it was just going to be another financing):
Northern Lion to sell Finnish land, move south
2007-04-11 11:22 ET - News Release
Mr. John Lando reports
NORTHERN LION TO SELL FINNISH ASSETS FOR $10.46 MILLION TO FOCUS ON PORTUGAL
Northern Lion Gold Corp. has reached agreement to sell all of its Finnish mineral properties to Lappland Goldminers AB, a publicly traded Swedish exploration company, for approximately $10.46-million, consisting of $5-million cash and 1,771,726 shares of Lappland Goldminers, at a deemed price of approximately $3.08 per share. The purchase price is approximately equal to the entire amount of the company's historical investment in Finland.
The company has recently shifted the focus of its exploration and development activities to its Cercal and Moura projects in Portugal. The company also holds a strong portfolio of projects in Sweden.
Company president, John Lando, commented: "This transaction will allow us to focus squarely on the world-class exploration opportunity that we have assembled in Portugal, without need for new financing or share dilution. The history of Rio Tinto, and the recent success of Lundin Mining's Neves Corvo project, demonstrate the magnitude of potential that lies within the underexplored region of the Iberian Pyrite belt where we are currently defining drill targets. |
