- Gold Bull Resources (GBRC) has completed the sale of its wholly-owned subsidiary, Zelenrok EOOD, to Raiden Resources Limited for US$25,000 in cash
- Gold Bull’s wholly-owned subsidiary, 0955767 BC Ltd., received 38,326,654 shares of Raiden
- Raiden will also issue US$1,500,000 equivalent consideration/performance shares, for each of the Zlatusha and Kalabak projects and the Draka application
- Gold Bull is a gold-focused mineral exploration company
- Gold Bull Resources Corp. opened trading at C$0.11 per share
Gold Bull Resources (GBRC) has sold its wholly-owned subsidiary, Zelenrok EOOD, to Raiden Resources Limited.
Zelenrok holds the rights to the Zlatusha and Kalabak projects, as well as an additional mineral application, Draka, located in Bulgaria.
Gold Bull has received US$25,000 in cash and Gold Bull’s wholly-owned subsidiary, 0955767 BC Ltd., received 38,326,654 shares of Raiden valued at approximately C$345,000 based on Raiden’s current share price.
Raiden will also issue US$1,500,000 equivalent consideration/performance shares, for each of the Zlatusha and Kalabak projects and the Draka application, subject to certain technical achievements
All rights and obligations under option agreements executed in 2019 are cancelled. Gold Bull retains a 2 per cent NSR (net smelter return) on each project, Zlatusha, Kalabak and Draka.
“We are pleased to have divested our non-core assets in Bulgaria which allows us to focus 100 per cent on our Nevadan assets – which we are currently drilling,” stated Gold Bull CEO, Cherie Leeden.
“In addition to becoming a shareholder of Raiden, Gold Bull has ongoing exposure to the Bulgarian asset’s upside via performance shares and a net smelter royalty,” she added.
With the shift in its focus to Gold Bull’s 100-per-cent-owned projects located in the United States, Gold Bull entered into separate option agreements with Raiden on its Zlatusha and Kalabak projects in July 2019, whereby Raiden could earn up to a 75 per cent interest in each project, subject to certain cash payments and exploration expenditures.
With the sale of Zelenrok to Raiden, the company is able to focus on its core asset, the Sandman gold project located in Nevada.
Gold Bull Resources Corp is a gold-focused mineral exploration company whose mission is to grow into a US-focused mid-tier gold development company via rapidly discovering and acquiring additional ounces.
Gold Bull Resources Corp. opened trading at C$0.11 per share.