Ariana Resources plc (AUU)

Ariana Resources plc (AUU)

Ariana Resources plc (AUU) - Tavsan Project Purchase Completed

Ariana Resources plc, the gold exploration and development company focused on Turkey, announces that it has closed on its previously announced Definitive Agreement relating to the purchase, by a subsidiary of Ariana, of certain exploration licenses, collectively known as the Tavsan Project, from a subsidiary of Odyssey Resources Limited. 

As consideration for the transfer of the Licenses, Ariana has paid Odyssey:
(a) an initial payment of US$250,000 in cash;
(b) a further payment of US$250,000 in cash;
(c) 3,000,000 ordinary shares in the capital of Ariana at an issue price of 5 British pence per Share.

The cash and Shares relating to payments (b) and (c) will be held in escrow until the transfers of the Licenses to Galata Madencilik San. ve Tic. Ltd. are accepted by the Turkish General Directorate of Mining Affairs.  The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval was received for the transaction.

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