Business
CONVERTIBLE LOAN AGREED WITH VENUS MINERALS
CONVERTIBLE LOAN AGREED WITH VENUS MINERALS.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2 September 2022\n \n \n AIM: AAU\n \n \n \n CONVERTIBLE LOAN AGREED WITH VENUS MINERALS\n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce that it has entered into a Convertible Loan Agreement (\"CLA\") with Venus Minerals Ltd (\"Venus\") to enable the advancement of the Apliki Project (the \"Apliki Project\") while Venus pursues its proposed listing on AIM.\n \n \n \n Highlights:\n \n \n \n ·\n Convertible secured term loan of £500,000 with a 10% coupon; loan to be used to progress the Apliki Project.\n \n \n ·\n Conversion may occur with any accrued interest, at the option of Ariana, on or before the anniversary of the execution of the CLA or when Venus is\n admitted to trading on a recognised stock exchange at the price of Venus's shares on admission.\n \n \n ·\n Ariana will be\n granted a charge over Venus' shareholding in its operating subsidiary.\n \n \n ·\n The Loan is conditional inter alia on confirmation\n from the Apliki JV partner that the drop-dead date of the Apliki Subscription Agreement has been extended from 30 June 2022 to 31 December 2022; such extension was approved in June.\n \n \n \n Dr. Kerim Sener, Managing Director of Ariana, commented:\n \n \n \n \n \"We are very pleased to be able to provide the funding for Venus to extend its option to invest into Apliki Project in Cyprus, in addition to some additional funding to progress plans for the mine development programme. We have recently announced a material update to the Mineral Resource Estimate for this project, which has shown an increase to\n \n \n 17Mt @ 0.26% to 0.69% copper. This, in turn, should represent a significant improvement to the potential project economics and hence warrants further work to support an improved valuation ahead of the proposed IPO of Venus. Venus will now focus on reflecting these and other material developments in the documentation being prepared for its AIM IPO, particularly with regard to the proposed capital structure. \n \n \n \n \n \"The Apliki Project will be advanced as a 50:50 Joint Venture (\"JV\") with HAM whilst Venus maintains management control. It represents the most advanced copper mining asse...