Business
Completion of Acquisition
Completion of Acquisition.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n RNS Number : 4567X Ariana Resources PLC 25 June 2008 \n \n\n25 June 2008\nAIM / PLUS Markets: AAU\n\nTAVSAN PROJECT PURCHASE COMPLETED\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration and development company focused on Turkey, announces that it has closed on its previously announced (May 13, 2008) Definitive Agreement relating to the purchase, by a subsidiary of Ariana, of certain exploration licenses ('Licenses') collectively known as the Tavsan Project, from a subsidiary of Odyssey Resources Limited. \n\nAll conditions for closing have now been met, including TSX Venture Exchange approval for Odyssey Resources to enter the transaction. \n\nConsideration for the transfer of the Licenses includes: \n\n(a) an initial payment of US$250,000 in cash; \n\n(b) a further payment of US$250,000 in cash; \n\n(c) 3,000,000 ordinary shares in the capital of Ariana (the 'Shares') at an issue price of 5 British pence per Share. \n\nThe cash and Shares relating to payments (b) and (c) will be held in escrow until the transfers of the Licenses to Galata Madencilik San. ve Tic. Ltd. are recorded by the Turkish General Directorate of Mining Affairs. The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval was received for the transaction. \n\nContacts: \n\n\n\n\n\nAriana Resources plc\n\n\nTel: 020 7407 3616\n\n\n\n\nMichael Spriggs, Chairman\n\n\n\n\n\n\n\nKerim Sener, Managing Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBeaumont Cornish Limited\n\n\nTel: 020 7628 3396\n\n\n\n\nRoland Cornish\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBankside Consultants\n\n\nTel: 020 7367 8888\n\n\n\n\nMichael Padley / Louise Davis\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoeb Aron & Company Ltd\n\n\nTel: 020 7628 1128\n\n\n\n\nPeter Freeman / Frank Lucas\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCity Capital Corporation Limited\n\n\nTel: 020 7842 5867\n\n\n\n\nCharles Dampney\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlexander David Securities Limited\n\n\nTel: 020 7448 9800\n\n\n\n\nNick Bealer / David Scott\n\n\n\n\n\n\n\n\n Editors' note:\n\nAbout Ariana Resources\n\nAriana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold de...