Business
Formation of a Joint Venture
Formation of a Joint Venture.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 5975T\n Anglo Asian Mining PLC\n 21 July 2020\n \n \n \n \n Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n \n 21 July 2020\n \n \n \n \n \n Anglo Asian Mining PLC \n \n \n Formation of a Joint Venture with Conroy Gold and Natural Resources PLC \n \n \n to acquire up to a 55 per cent. interest in the Longford Down Massif gold project in Ireland\n \n \n \n \n \n Initial 17.5 per cent. interest to be earned by Anglo Asian investing €2 million in further exploration, with its interest increasing progressively to 55 per cent., by developing \n \n \n the Clontibret gold deposit to mine construction-ready status\n \n \n \n \n \n Anglo Asian awarded warrants over 325,000 Ordinary Shares in Conroy Gold and Natural Resources PLC, with an additional 1,625,000 warrants to be awarded on completion of the Joint Venture Agreement\n \n \n \n \n \n Anglo Asian Mining PLC (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that it has entered into a non-binding \n Heads of Terms Agreement (\"HoT\") \n with Conroy Gold and Natural Resources PLC (\"Conroy Gold\") for a proposed joint venture. Anglo Asian will acquire, by way of the joint venture, up to a 55 per cent. interest in the Longford Down Massif gold project (the \"Project\") in Ireland currently wholly-owned by Conroy Gold in exchange for committing to meet certain expenditures. \n \n \n \n \n \n Anglo Asian has also been awarded warrants to acquire 325,000 Ordinary Shares in Conroy Gold which are exercisable immediately. Anglo Asian will be awarded an additional 1,625,000 warrants to acquire Ordinary Shares in Conroy Gold upon completion of the joint venture agreement. The additional warrants will become exercisable at certain milestones as Anglo Asian invests funds into the joint venture as set out below. The total of 1,950,000 warrants represent 7.44 per cent. of the current issued share capital of Conroy Gold.\n \n \n \n \n \n Note that all references to \"$\" are to United States dollars, \"£\" and \"pence\" are references to the United Kingdom pound sterling and \"\n €\" are references to the Euro.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n HoT signed to acquire up to a 55 per cent. interest in...