Ariana Resources plc, an AIM-listed mining exploration and development company with joint venture gold mining operations in Europe, announced the proposed first investment of the Asgard Metals Fund (the Fund), which is being developed as part of its exclusive Project Catalyst project. Strategy.
- Asgard Metals Fund will acquire a stake in Panther Metals Ltd in Australia through a share issue.
- 1.25 million shares to be granted to Asgard following Panther Australia’s initial public offering on the ASX (equivalent to AU $ 250,000), pursuant to the terms of an advisory agreement.
- Under the advisory agreement to take effect from the IPO, Ariana’s team will provide technical expertise in the design, implementation and interpretation of Panther Australia’s exploration programs. over a two-year period.
- A new subscription of at least 0.25 million shares is expected via the IPO (equivalent to AU $ 50,000).
- Shares issued to Ariana will be held in compulsory escrow for a period of two years after Panther Australia IPO on the ASX.
- Panther Australia’s IPO is expected to take place before the end of 2021.
- Ariana’s Managing Director, Dr Kerim Sener, is a director and shareholder (2.6%) of Panther Metals plc and a director of Panther Australia, which is currently 77% owned by Panther Metals plc.
Michael de Villiers, Chairman, said: “We are very pleased to take a position in Panther Metals Ltd in Australia at an important time in its development and as it pursues a possible IPO on the ASX. We are also pleased to note Panther’s announcement that, following the completion of recent airborne geophysical and geochemical auger sampling on its Merolia project in Western Australia, Panther has defined a series of important gold targets, including the recently discovered 40 Mile Camp anomaly, in a largely under-explored part of the prolific Laverton greenstone belt. Several multi-million ounce gold deposits are located nearby and the infrastructure is extensive, with several processing plants currently operating at full capacity. In addition, we are pleased to note the recent definition of a JORC exploration target of 30 to 50 million t at 0.6 to 0.8% nickel and 400 to 600 ppm cobalt on its nickel-cobalt project. Coglia in Merolia. This investment will therefore meet all our criteria and meet our internal constraints, in particular allowing us to continue to diversify our activity; not only in terms of jurisdictional risk reduction, but also for all raw materials, including strategically important battery metals. “
Read the article online at: https://www.globalminingreview.com/finance-business/30092021/ariana-resources-announces-proposed-maiden-investment-of-asgard-metals-fund/
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