Australia's Raiden Resources rises on Bulgaria project deal

Velocity Minerals

09/08/2023 04:18

** Shares of Raiden Resources  RDN.AX  rise as much as  9.1%
to A$0.012
    ** The gold explorer says it has entered into an agreement
with Velocity Minerals  VLC.V  for its Kalabak project in
Bulgaria
    ** RDN says under deal, Velocity has the option to acquire
up to 75% project-level interest through completion of a minimum
drilling commitment
    ** Says if Velocity exercises the option, both parties will
establish a joint venture
    ** Says Velocity will manage and operate exploration at the
project, allowing co to concentrate on its portfolio of
Australian projects
    ** Stock more than doubled in value YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))