Canada's Velocity acquires 100% of Iglika gold project in Bulgaria
Photo: Velocity Minerals / All rights reserved.
SOFIA (Bulgaria), February 25 (SeeNews) - Canadian gold exploration company Velocity Minerals said on Thursday that it has acquired 100% interest in the Iglika copper-gold project and the associated exploration licence under a previously-agreed option deal.
Velocity has exercised the right to acquire all of the shares of Bulgaria's Balkan Minerals Development, which holds the exploration licence for the project area, with the vendors retaining a 2% net smelter returns royalty capped at $5 million (4.1 million euro), Velocity said in a statement.
At any time, 1.5% of the royalty can be purchased for $1.5 million.