July 30 (SeeNews) - Canada's QX Metals Corp, formerly Black Sea Copper & Gold Corp, said that it has received TSX Venture Exchange conditional approval and the approval of its shareholders to proceed with the option transactions regarding its two Bulgarian gold projects with Australia's Raiden Resources Limited.
Earlier in July, QX Metals Corp agreed to option to Raiden an initial 51% interest, which could go up to 75% interest, in the mineral exploration licences covering the Kalabak and Zlatusha projects, QX Metals Corp said in a statement on Monday.
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Currently, QX Metals Corp is the 100% holder of the Kalabak and Zlatusha licenses through its wholly-owned Bulgarian subsidiary Zelenrok.
Pursuant to the conditions of the Kalabak option agreement, Raiden has completed its due diligence and has made initial payment 50,000 Australian dollars ($34,500/30,900 euro).
The Zlatusha option agreement will proceed once Zelenrok enters into the exploration agreement with Bulgaria's energy ministry, which is expected to occur within the coming weeks.
(1 euro = 1.6169 Australian dollars)