Canadian exploration and development company Euromax Resources said on Monday it has completed the sale of its Bulgarian operations through the sale of its subsidiary Euromax Services EOOD, for consideration of $3.5 million (2.5 million euro).
Euromax Services owns 100% of the Trun project and the Babjak and Zlataritza exploration assets in Bulgaria.
The company did not disclose the other party in the sale agreement.
Euromax Resources has set up a stand-alone unit in Bulgaria called Euromax Exploration Services, where key personnel from the Euromax family has been transferred, it said in a press release.
The changes aim to ensure the most efficient use of the company's personnel and resources, it added.
"The cash proceeds from the sale of Euromax Services will allow us to continue on track with development work at Ilovitza [in Macedonia], which is where we believe the tangible and deliverable value of the company lies,” Euromax Resources president and CEO, Steve Sharpe, said in the press release.
As part of the sale agreement, the company has also cancelled the 1.5% net smelter return it held over the Breznik property.
Elsewhere in Southeast Europe, Euromax Resources has gold and base metal assets in Macedonia and Serbia.