Velocity Minerals to Divest Bulgarian Assets in $55 Million Deal

Velocity Minerals ( (TSE:VLC) ) has issued an update.

Velocity Minerals Ltd. has entered into a definitive agreement to sell its 70% interest in the Rozino project and grant an option to Türker Mining to acquire other Bulgarian mineral assets. The transaction, valued at USD $55 million, is structured in two tranches, with the first payment contingent on shareholder approval. This deal positions Türker Mining to advance the Rozino project towards production, potentially benefiting the local economy in southeast Bulgaria.

More about Velocity Minerals

Velocity Minerals Ltd. is a company operating in the mining industry, primarily focused on mineral exploration and development. The company is involved in projects that aim to bring economic benefits to local regions through its operations.

YTD Price Performance: -1.82%

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $20.48M

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