Business
REVISED AGREEMENT WITH KEFI MINERALS PLC
REVISED AGREEMENT WITH KEFI MINERALS PLC.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 0578V\n Ariana Resources PLC\n 04 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4 August 2020\n \n \n AIM: AAU\n \n \n \n \n \n REVISED AGREEMENT WITH KEFI MINERALS PLC: ROYALTY AND DATABASE \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 provide details of a revised agreement with KEFI Minerals plc (\"KEFI\") and its wholly-owned subsidiary, Dogu Akdeniz Mineralleri San. ve Tic. Ltd. (\"Dogu\") concerning the Net Smelter Return (\"NSR\") on the Kizilcukur Project and an exploration database encompassing the Republic of Turkey.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Completion of the final agreement which cancels the 2% NSR on the Kizilcukur Project; Dogu will not be acquired by a subsidiary of Ariana, as had been envisaged in the announcement of 16 October 2019.\n \n \n \n \n \n · \n KEFI's exploration database on Turkey (compiled since 2007), will be transferred to Ariana and complement the Company's existing databases.\n \n \n \n \n \n · \n Total cash consideration of £75,000 payable to KEFI, of which a £15,000 payment has already been made (as detailed in the announcement of 16 October 2019).\n \n \n \n \n \n · \n Ariana will also acquire from Dogu, on a conditional basis, a 2.5% NSR which exists on the Koza Altin İletmeleri A.Ş. (\"Koza Gold\") owned Yatik Project, following payment of a further £75,000 to KEFI. \n \n \n \n \n \n · \n In the event that mining commences on the Yatik Project, 50% (after costs) of the royalty payments made by Koza Gold to Ariana will be paid by Ariana to KEFI.\n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \n \n \n \"Following the final due diligence completed on Dogu, Ariana and KEFI determined to proceed with the proposed transaction on slightly revised terms. Significantly, the originally proposed acquisition by Ariana of Dogu from KEFI is now no longer going to proceed. Instead, the 2% NSR existing on the Kizilcukur Project will be cancelled and it is envisaged that Ariana will acquire, on a conditional basis, an additional NSR royalty of 2.5% on the Koza Gold-owned Yatik Project. The latter royalty will ...