News blog
Ariana Resources / KEFI Minerals
- BY: Andrew Hore |
- POSTED: 16/03/2011 |
- COMMENTS: Add yours
Ariana Resources is acquiring four exploration properties in western Turkey from KEFI Minerals.
They include the Kizilcukur and Muratdag projects. KEFI has already identified 2km of mineralised quartz veins containing high grades of gold and silver at the Kizilcukur project and with additional work this project could add to Ariana’s resources in the area.
Part of the £1.16m raised in the recent placing at 4.75p a share was earmarked for the acquisition of additional licences. The heads of agreement for the deal, which is subject to due diligence, require a nominal cash payment to KEFI and the issue of £50,000 worth of Ariana shares at a 30% premium to the volume weighted average price of their price in the 30 days of trading prior to the date of completion of a definitive agreement. KEFI will also be granted a 2% net smelter royalty on future mineral production. The current agreement expires on 29 April unless both companies agree to extend it.
Ariana’s core project is the Red Rabbit gold project in western Turkey, which has been put in a 50/50 joint venture with Proccea Construction. The exploration properties are in the same area and give Ariana and its joint venture partner on the Red Rabbit project access to the entire gold mineralised trend within the Sindirgi Gold Corridor.
At 4.62p a share, Ariana is valued at £11.6m. At 5.8p a share, up 0.38p, KEFI is valued at £21.1m.
Download the March edition of AIM Journal at http://www.hubinvest.com/AIMPDFMarch2011_18.pdf
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- 2.4mNumber of messages posted on SocialGo networks
- $38mCost savings generated by ideas from WalMart staff over a two month period
- 19.4m
Number of people passing through Johannesburg Airport in 2007
- News Blog
- All micro news
Sanderson Group
Enterprise software provider Sanderson Group is continuing to benefit from growth in multi-channel retailing.
Resources In Insurance Group
Claims management services provider Resources In Insurance Group has slashed its loss in 2011.
atUK
e-commerce services provider @UK has gained a four year national e-commerce framework agreement for all UK public bodies.
Hydrogen Group
Recruitment firm Hydrogen Group says that net fee income for the first four months of 2012 was higher than the same period last year.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|