February 28 (SeeNews) - Canadian company St Charles Resources said that it has received conditional approval from TSX Venture Exchange (TSXV), one of the country's stock exchanges, for its agreed acquisition of Sofia-based Eastern Resources, which owns two gold projects in southern Bulgaria.
The deal is subject to final approval from the TSXV and a number of other conditions, St Charles Resources said in a press release on Monday.
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Completion is expected on or about March 10.
St Charles Resources reached at the end of January a final agreement to acquire Eastern Resources in a deal valued at 3.33 million Canadian dollars ($2.45 million/2.31 million levs).
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 is 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 = 0.6940 euro)