April 15 (SeeNews) - Bulgaria's Tintyava Exploration, which operates the Rozino gold deposit, said that its two shareholders - Gorubso Kurdzhali and the local unit of Canada's Velocity Minerals - Kibela Minerals, intend to increase the company's capital by paying some 3.2 million levs ($1.9 million/1.6 million euro) for the newly-issued shares.
Tintyava Exploration will issue 230 shares at a price of 13,959 levs each, which will be subscribed for by Kibela Minerals and Gorubso Kurdzhali proportionally to their current stakes - 70/30, the minutes from Tintyava Exploration's board of directors meeting on April 4, showed.
The shares have a nominal value of 100 levs each.
Tintyava Exploration's capital currently amounts to 50,000 levs. If the new issue is fully subscribed, the company's capital will increase to 73,000 levs.
Last month, Velocity Minerals said that it has launched its 2019 drill programme at the Rozino gold project in Bulgaria with the first results expected to be released in the coming weeks.
A total of 12,000 m to 14,000 m of drilling is planned to be completed at Rozino, which will include exploration drilling to expand the resource base, as well as resource definition and infill drilling. The programme also envisages an additional 1,000 m of drilling regionally to begin testing structural targets located close to the Rozino deposit.
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)