Business
Tavsan Project Update
Tavsan Project Update.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n RNS Number : 2518U Ariana Resources PLC 13 May 2008 \n\n13 May 2008\nAIM / PLUS Markets: AAU\n\n\nDefinitive Agreement to Purchase Tavsan Project\n\nFurther to the announcement made on 4 April 2008, Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration and development company focused on Turkey, is pleased to announce that it has entered into a definitive agreement relating to the purchase of certain exploration licenses ('Licences') in Turkey, collectively known as the Tavsan Project, from Odyssey Resources Limited (TSX-V: ODX) ('Odyssey'). \n\nCompletion of the transaction is subject to: \n\n\n\nthe requisite Turkish regulatory authorities recording Ariana's Turkish subsidiary as the registered owner of a 100 percent interest in the Licences; and \n\n\n\n\n\nTSX Venture Exchange approval. \n\n\n\nAs consideration for the transfer of the Licences, Ariana will pay Odyssey: \n\n(a) an initial payment of US$250,000 in cash to be held in escrow until the TSX Venture Exchange provides approval of the transaction; and \n\n(b) a further payment of US$250,000 in cash and 3,000,000 ordinary shares in the capital of Ariana (the 'Shares') at an issue price of 5p per Share. \n\nThe cash and Shares relating to these latter payments will be paid at Closing and held in escrow until the transfers of the Licences are accepted by the Turkish General Directorate of Mining Affairs. Closing is expected to occur on or before May 30, 2008. The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval is received for the transaction. \n\nContacts: \n\n\n\n\n\nAriana Resources plc\n\n\nTel: 020 7407 3616\n\n\n\n\nMichael Spriggs, Chairman\n\n\n\n\n\n\n\nKerim Sener, Managing Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBeaumont Cornish Limited\n\n\nTel: 020 7628 3396\n\n\n\n\nRoland Cornish\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBankside Consultants\n\n\nTel: 020 7367 8888\n\n\n\n\nMichael Padley / Louise Davis\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoeb Aron & Company Ltd\n\n\nTel: 020 7628 1128\n\n\n\n\nPeter Freeman / Frank ...