July 24 (SeeNews) - Canada's Velocity Minerals and Bulgaria's Gorubso Kurdzhali have invested some 3.2 million levs ($1.9 million/1.6 million euro) in increasing the capital of Bulgaria's Tintyava Exploration, which operates the Rozino gold deposit, commercial register documents show.
Tintyava Exploration has issued 230 new shares at a price of 13,959 levs each, which were subscribed for by Kibela Minerals - the local unit of Velocity, and Gorubso Kurdzhali proportionally to their stakes in the company - 70/30, according to documents entered into the commercial register earlier this month.
The shares have a nominal value of 100 levs each.
Last month, Velocity said that drill results from 12 holes at the Rozino gold deposit in southeast Bulgaria have intersected multiple broad intervals of near surface gold mineralization.
"The current infill and expansion drill program continues to expand and extend potentially open-pittable mineralization as currently defined in the Company’s NI 43-101 September 2018 Preliminary Economic Assessment (PEA)," Velocity Minerals said in a statement at the time.
Velocity Minerals, through its unit Kibela Minerals, completed the acquisition of a 70% stake in Tintyava Exploration earlier this year, after it delivered a preliminary economic assessment.
Tintyava Exploration holds a prospecting and exploration licence for the Tintyava property, which holds the Rozino gold deposit.
(1 euro = 1.95583 levs)