Business
Execution of Heads of Agreement
Execution of Heads of Agreement.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n EXECUTION OF HEADS OF AGREEMENT \n\nKEFI Minerals, an AIM-quoted gold and copper exploration company, announces\nthat it has executed a heads of agreement to sell the Company's Derinin Tepe\n(also known as Kizilcukur), Muratdag and Yatik West projects (the \"Properties\")\nin western Turkey to Ariana Resources plc (\"Ariana\").\n\nDetails of the Heads of Agreement, which are subject to due diligence and the\ncompletion of a definitive agreement, provide for the sale terms to be as\nfollows:\n\n * A nominal cash payment by Ariana to KEFI's Turkish subsidiary.\n \n * The issue to KEFI of such number of ordinary shares in the Company that are\n equal to a value of £50,000 based on a 30% premium to the average Volume\n Weighted Average Price (\"VWAP\") of Ariana's ordinary shares calculated for\n the 30 days of trading prior to the date of completion of a definitive\n agreement; which KEFI agrees not to trade for a period of 12 months from\n the date of issue\n \n * The grant to KEFI of a 2% Net Smelter Royalty on all future mineral\n production from the licences.\n \nThe Heads of Agreement will expire on 29th April 2011 unless both parties agree\nto extend this date.\n\nA further announcement will be made if a definitive agreement with Ariana is\nexecuted.\n\nEnquiries\n\nKEFI Minerals WH Ireland Bishopsgate Communications \n \nJeffrey Rayner Katy Mitchell Michael Kinirons \n \n+90 533 928 19 13 +44 161 832 2174 +44 20 7562 3350 \n \nwww.kefi-minerals.com \n\nAbout KEFI Minerals\n\nKEFI Minerals commenced trading on AIM in December 2006 and was formed with the\naim of creating shareholder value through the discovery and exploitation of\ngold and copper deposits.\n\nIn the Kingdom of Saudi Arabia, KEFI Minerals has a minerals exploration joint\nventure with leading Saudi construction and investment group Abdul Rahman Saad\nAl-Rashid & Sons Company Limited (\"ARTAR\"). KEFI Minerals is the operating\npartner with a 40% interest and the joint venture's primary target is the\ndiscovery and development of a >1 million ounce gold deposit in the\nunder-explored Precambrian Shield in Saudi Arabia.\n\nIn Turkey, KEFI Minerals continues to explore its current portfolio of\nproperties prospective for copper and gold deposits as well as evaluating\nfurther opportu...