Business
Completion of Exploration Properties Acquisition
Completion of Exploration Properties Acquisition.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n\n20 July 2011\nAIM / PLUS Markets: AAU\n\n\n COMPLETION OF EXPLORATION PROPERTIES ACQUISITION\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey, is pleased to announce that further to\nits announcement of 3 June 2011 (\"the 3 June Announcement\"), it has completed\nthe acquisition of four prospective exploration licences in western Turkey from\nAIM-listed Turkish explorer, KEFI Minerals plc (\"KEFI\").\n\nIn accordance with the terms of the sale and purchase agreement detailed in the\n3 June 2011 announcement, Ariana's wholly owned Turkish subsidiary Galata\nMadencilik San. ve Tic. Ltd. (\"Galata\") has now made a payment of 10,000 Turkish\nLira, inclusive of VAT, to KEFI's Turkish subsidiary Dogu Akdeniz Mineralleri\nSan. ve Tic. Ltd. (\"Dogu\") in consideration for the transfer of the licences\nfrom Dogu to Galata. Â Ariana has also issued 910,747 new ordinary shares in the\nCompany (\"the Consideration Shares\") at a deemed price of 5.49p per share to\nKEFI in consideration for the acquisition of certain mineral exploration data\nand drill core samples relating to the four exploration licences to Ariana.\n\nThe net smelter return royalty of 2% payable by Galata to Dogu on commercial\nproduction of any mineral from the licences has also now been granted.\n\nApplication has been made today to the London Stock Exchange for the\nConsideration Shares to be admitted to trading on AIM (\"Admission\"). It is\nexpected that Admission will occur, and dealings in the Consideration Shares\nwill commence on or around 25 July 2011. KEFI has agreed not to trade the\nConsideration Shares for a period of 12 months from the date of Admission.\n\nThe Consideration Shares will, when issued, rank pari passu in all respects with\nthe existing issued ordinary shares of Ariana, including the right to receive\nany dividends and other distributions declared following Admission.\n\nThe Consideration Shares will represent 0.36% of the enlarged issued ordinary\nshare capital, which will then comprise 251,875,755 ordinary shares of 1 pence\neach.\n\n\nContacts:\n\n Ariana Resources plc Tel: +44 (0) 20 7407 3616\n\n Michael Spriggs, Chairman\n\n Kerim Sener, Managing Director\n\n\n\n Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396\n\n Roland Cornish / Felicity Geid...