Prospech (ASX:PRS), a company specialising in mineral exploration in Europe, has completed its acquisition of a 51% interest in Bambra Oy.

Bambra Oy is a Finnish company that completely owns the Korsnas and Jokikangas rare earth element (REE) projects and the Saarenkylä lithium project.

Prospech said its met the conditions set out in the Earn-In Agreement and exercised its First Option to acquire the interest, attained through exploration expenditure on the Finland Projects and the issuance of 1.5 million Prospech shares.

It also said there's an opportunity to gain full ownership of Bambra through the additional expenditure of $200,000 in exploration and evaluation of the Finland Projects and by issuing an extra 4.5 million shares to Bambra’s shareholders.