Gondwana Oil (CSE:GO) said it has changed its name to European Metals Corp, effective from September 18, to better reflect its ongoing operations.
This is because of an option agreement signed in August to acquire an 80 percent interest in the Berehaven copper mines located in the Allihies Mining District in Ireland. In exchange for the interest, it has agreed to pay 300 million shares at a price of 5 cents apiece, as well as $250,000 in work commitments before February 1, 2015 and $2.0 million before March 31, 2016.
The decision to transition to mineral exploration followed the company's announcement earlier this year that its application for oil and gas production rights on an offshore block in Ghana was rejected, and that it had appointed a new chief executive officer to lead the business.
The name change was authorized by shareholders at the company's annual general meeting held on September 11, in Toronto, it said.
European Metals will begin trading under its new name on the Canadian Securities Exchange with its new trading symbol of "ECU" today.
The company said there is no change in its share capital, and shareholders are not required to exchange their existing share certificates for new ones.