Business
DUE DILIGENCE UPDATE
DUE DILIGENCE UPDATE.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 3084I\n Ariana Resources PLC\n 01 April 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 01 April 2020\n \n \n AIM: AAU\n \n \n \n \n \n DUE DILIGENCE UPDATE\n \n \n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the completion of a detailed independent assessment of the Kiziltepe, Tavsan and Salinbas projects by international consultants of the Proposed Partner, following completion of the Memorandum of Understanding (\"MoU\") announced on 25 November 2019.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Initial draft due diligence report has been completed by the technical consultants to the Proposed Partner.\n \n \n \n \n \n · \n The Proposed Partner, Proccea and Ariana (\"the Parties\") have completed a further extension to the MoU, to 30 April 2020, to enable sufficient time to review due diligence information.\n \n \n \n \n \n · \n Results of the draft report are being evaluated by the Proposed Partner and draft definitive legal agreements are also under review by the Parties.\n \n \n \n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented: \n \n \n \n \n \n \"We are pleased to report the completion of the due diligence work of the technical consultants. A period of internal review will now be conducted by the Proposed Partner and Proccea. In addition, draft definitive legal documentation has been prepared and is being reviewed by the Parties. We look forward to reporting further on the proposed deal in due course.\"\n \n \n \n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \n \n \n \n \n \n \n \n Contacts:\n \n \n \n \n \n \n \n \n Ariana Resources plc\n \n \n \n \n Tel: +44 (0) 20 7407 3616\n \n \n \n \n \n \n Michael de Villiers, Chairman\n \n \n \n \n \n \n \n \n \n \n \n \n \n Kerim Sener, Managing Director\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Beaumont Cornish Limited\n \n \n \n \n Tel: +44 (0) 20 7628 3396\n \n \n \n \n \n \n Roland Cornish / Felicity Geidt\n \n \n \n \n \n \n \n \n...