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Red Rabbit Gold Project: Mine 100% Financed
Red Rabbit Gold Project: Mine 100% Financed.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Red Rabbit Gold Project: Mine 100% Financed 31 July 2014AIM : AAURED RABBIT GOLD PROJECT: MINE 100% FINANCEDAriana Resources plc (\"Ariana\" or \"the Company\"), the Anglo-Turkish gold exploration and development company focused on Turkey, is pleased to announce a finance agreement to bring its Kiziltepe Gold-Silver Mine ('Kiziltepe') into production. Kiziltepe is the initial mine targeted at the Red Rabbit Gold Project in western Turkey, a joint venture between Ariana and Proccea Construction Co. (\"Proccea\"). The finance agreement has been secured via the joint venture company, Zenit Madencilik San. ve Tic. A.S. (\"Zenit\").Highlights:US$33 million overall credit agreement, inclusive of capital repayments and borrowing costs, completed with Turkiye Finans Katilim Bankasi A.S., an international award winning Turkish investment bank.US$236,000 first drawdown completed by Zenit.Additional equity contribution by Proccea of approximately US$5 million to earn-in to 50% of the project completes project funding.Loan repayments will occur over five years, with a two-year principal repayment holiday following first drawn down.Facility is non-recourse and comprises no hedging or currency swap requirements.Dr. Kerim Sener, Managing Director, commented:\"With our partners, Proccea Construction Co., we are exceptionally pleased to have secured the support of Türkiye Finans Katilim Bankasi A.S. for the financing of our first mine at Kiziltepe. This is a major leap forward enabling us to advance our plans for the construction of the mine. We would like to take this opportunity to thank Proccea for the resolute focus they have shared with Ariana as we transform from development into production. We also warmly appreciate Türkiye Finans Katilim Bankasi's confidence in our joint venture. Ariana and Proccea are highly encouraged and energised by these developments. Securing the finance will enable us to hit the ground running in H2 2014 pending the completion of final permitting. \"This is a refreshingly straight-forward form of non recourse project financing that allows us to get on with developing the significant potential of the Red Rabbit project.\"Finance FacilityA US$33 million finance facility has been agreed following negotiations with Türkiye Finans Katilim Bankasi...