Business
Ariana Resources plc : completion of second lit...
Ariana Resources plc : completion of second lit....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : completion of second lithium transaction11 July 2016AIM: AAUCOMPLETION OF SECOND LITHIUM TRANSACTION Ariana Resources plc (\"Ariana\" or \"the Company\"), through its 100%-owned Australian subsidiary, Asgard Metals Pty. Ltd. (\"Asgard\"), has completed the sale of its interests in a package of tenements in the Northern Territory and Western Australia to Kingston Resources Limited (ASX:KSN) (\"Kingston\"), as announced on 17 May 2016. Highlights:Completion of the transaction has occurred following the satisfaction of all conditions, including grant of the core tenement, Kingston shareholder approval for the transaction and a A$6.85 million capital raising by Kingston.Completion of the initial cash payment to Asgard of A$20,000 and 6,600,000 fully paid ordinary shares in Kingston (currently valued at A$132,000); Ariana now owns approximately 1% of Kingston.Asgard to benefit from up to 7,200,000 performance shares which are to be issued on the achievement of certain project milestones. Asgard exploration model for lithium is being applied to identify new project opportunities across other geological provinces worldwide, including those in Turkey.Dr. Kerim Sener, Managing Director, commented: \"We are very pleased to report the completion of our transaction with Kingston. This is the second lithium project that we have commercialised within six months. Through our 100%-owned technology-metals subsidiary we remain committed to identifying and commercialising other projects of merit, with a special focus on lithium, both within and outside of Turkey.\" Ariana's StrategyAsgard has been pursuing a strategy of commodity diversification on behalf of Ariana, with a special focus on technology-commodities, particularly those that may be used in renewable energy applications. Commodities of particular interest to Asgard currently include lithium and antimony, which are found in association with certain gold mineralisation systems in both Turkey and Western Australia, among other gold-provinces worldwide. Asgard has developed an exploration model specifically for lithium, which it is applying to other regions with the aim of identifying new exploration areas for future licence acquisition. Asgard is 100% owned by Ariana.Summary of AgreementAsgard sold its interests in t...