03:59 PM EST, 12/19/2024 (MT Newswires) -- Blue Moon Metals ( BMOOF ) on Thursday said it agreed to acquire two copper projects in Norway for shares worth $94 million.

The company said it is acquiring the properties through the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS (NSG). Both are private Norwegian companies with properties in northern Norway.

Blue Moon is issuing 313.14-million shares with a deemed price of $0.30 for the properties. Following the close, existing Blue Moon, Nussir and NSG shareholders are expected to own 12%, 55% and 12%, respectively

NSG shareholders will also receive US$3 million in cash milestone payments related to the receipt of permitting for tailings discharge and receipt of the operating permit for the NSG Property.

Blue Moon also closed a brokered private placement, raising $30 million.

The company's shares last traded Nov.27, closing at $0.335 on the TSX Venture Exchange.