Velocity Minerals (TSX:VLC) expects to close the sale of its Tintyava exploration assets in Bulgaria to Turker Mining, a subsidiary of Türkerler Holding, on or about 14 December 2026.
The company received written notice from Turker Mining dated 15 October 2026, confirming its election to proceed to closing under the definitive agreement. Closing remains subject to the satisfaction or waiver of conditions precedent and financing requirements.
The total purchase price for the Tintyava assets is US$55 million ($79 million), of which Velocity has already received US$16.5 million. Turker Mining must pay the remaining US$S38.5 million, or 70%, to an escrow agent before closing, with funds released to Velocity at completion.
Closing occurs five business days after Turker Mining confirms in writing that the completion payment has reached the escrow agent.
The transaction stems from a share purchase and option agreement covering the sale of the company’s interest in the Rozino Gold Project, along with certain other licences, licence applications, tenures, and rights. It also grants Turker Mining an option over the company’s interests in other Bulgarian mineral property assets.
The 15 October 2026 notice does not exercise that non-Tintyava exploration assets purchase option, which remains available to Turker Mining for an additional US$4 million. If exercised, the aggregate price for both asset groups would reach US$59 million.
Velocity Minerals is a precious metals and copper explorer focused on Eastern Europe, primarily Bulgaria and Greece.
Write to Paula Fabe at Mining.com.au
Main image: Velocity Minerals
