Scandinavian Metals Inc. entered into a memorandum of understanding to acquire Portex Minerals Inc (DB:5S7N) from Goldquest Mining Corp. (TSXV:GQC), Whitebox Advisors, LLC and others in a reverse merger transaction on June 5, 2012. Portex will issue 17.83 million. In connection with the deal, Portex, with the assistance of Aberdeen, will seek to raise upto CAD 7 million through a private placement of equity securities of Portex. Upon closing, Board of Directors of Portex will be reconstituted and consist of the following four members Victor Wyprysky as Chairman, Peter Chodos and two directors nominated by Aberdeen International Inc. The completion is subject to the parties being satisfied with the results of their respective due diligence investigations within 45 days, entering into definitive documentation, Portex completing the Financing, the common shares of Portex having commenced trading on the TSXV, government or regulatory approvals, shareholders approvals, third party consents and other customary conditions.

Scandinavian Metals Inc. cancelled the acquisition of Portex Minerals Inc (DB:5S7N) from Goldquest Mining Corp. (TSXV:GQC), Whitebox Advisors, LLC and others in a reverse merger transaction on March 22, 2013.