Business
Completion Of Lithium Transaction
Completion Of Lithium Transaction.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7984P Ariana Resources PLC 23 February 2016 \n\n \n23 February 2016\nAIM: AAU\n \nAriana Resources \n \nCOMPLETION OF LITHIUM TRANSACTION \n \nAriana Resources plc (\"Ariana\" or \"the Company\"), through its 86%-owned Australian subsidiary, Asgard Metals Pty. Ltd. (\"Asgard\"), has completed the sale of a package of tenements in the Pilbara region of Western Australia to Dakota Minerals Limited (ASX:DKO) (\"Dakota\"), as announced on 18 December 2015. \n \nHighlights:\n \n· Completion of the transaction has occurred following the satisfaction of all conditions, including grant of the core tenement, Dakota shareholder approval for the transaction and a A$3.6 million capital raising by Dakota.\n \n· Completion of the initial cash payment to Asgard of A$147,000 and 22,500,000 fully paid ordinary shares in Dakota (currently valued at A$1.2 million); Ariana now owns approximately 8% of Dakota.\n \n· Asgard to benefit from a fixed consulting fee of A$98,000 over the course of 12 months and up to 29,400,000 performance shares which are to be issued on the achievement of certain project milestones. \n \n· Asgard exploration model for lithium is being applied to identify new project opportunities across other geological provinces worldwide, including those in Turkey.\n \n \nDr. Kerim Sener, Managing Director, commented: \n \n\"The completion of our transaction with Dakota is a significant boost to our emerging interests in technology-metals and proves our exploration targeting capabilities in parallel with our ability to rapidly commercialise new project opportunities outside of Turkey. We are continuing our efforts to identify further projects in the technology-metals space with a special focus on lithium at this time.\" \n \nAriana's Strategy\n \nAsgard 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...