March 23 (SeeNews) - Canadian company St Charles Resources said it has completed its merger with Sofia-based Eastern Resources, which owns two gold projects in southern Bulgaria.
Shares in the combined company are expected to commence trading on the TSX Venture Exchange (TSXV), one of Canada’s stock exchanges, on March 27 under the symbol SCRS, St Charles said on Monday.
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The transaction was conditionally approved by TSXV at the end of February. Final acceptance will occur upon the issuance of the Final Exchange Bulletin by TSXV, St Charles said.
The Canadian company reached at the end of January a final agreement to merge with Eastern Resources in a deal valued at 3.33 million Canadian dollars ($2.44 million/2.24 million levs).
Following the completion of the transaction, St Charles owners hold about 45.08% of the combined company and Eastern Resources shareholders own the remaining 54.92%, according to the latest statement.
St Charles also said that the combined company is calling a special meeting of shareholders on April 26. The firm will seek approval to change its name to Bulgold Inc from St Charles Resources Inc.
Eastern Resources owns the Kutel gold project in the Eastern Rhodope mountains and the Kostilkovo gold project, which is close to the border with Greece.
St Charles Resources was set up as a special purpose vehicle, or capital pool company, which has no commercial operations and no assets other than cash. Its aim is to identify and evaluate businesses or assets for acquisition.
(1 Canadian dollar = 0.6722 euro)