Ariana Resources plc, an AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, has announced the proposed first investment of the Asgard Metals Fund (the fund), which is being developed as part of its proprietary Project Catalyst Strategy.
- Asgard Metals Fund to take an interest in Panther Metals Ltd in Australia through an issue of shares.
- 1.25 million shares to be granted to Asgard on completion of the IPO of Panther Australia on the ASX (equivalent to AUS$250 000), as provided for under the terms of a consultancy agreement.
- Under the consultancy agreement to take effect from IPO, the Ariana team will provide technical expertise into the design, implementation and interpretation of the exploration programmes of Panther Australia over a two-year period.
- A further subscription for at least 0.25 million shares is expected via the IPO placing (equivalent to AUS$50 000).
- Shares issued to Ariana will be held in a mandatory escrow for a two-year period following the IPO of Panther Australia on the ASX.
- Panther Australia's IPO anticipated to take place before the end of 2021.
- Ariana Managing Director, Dr Kerim Sener, is a Director and Shareholder (2.6%) in Panther Metals plc and a director of Panther Australia, which is currently 77% owned by Panther Metals plc.
Michael de Villiers, Chairman, commented: “We are very pleased to be taking a position in Panther Metals Ltd in Australia at a significant 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 geophysics and auger geochemical sampling on its Merolia Project in Western Australia, Panther has defined a series of significant gold targets, including the recently discovered 40 Mile Camp anomaly, in a substantially under-explored part of the prolific Laverton Greenstone Belt. Several multi-million ounce gold deposits are located in the vicinity and the infrastructure is substantial, with several processing plants currently running under capacity. In addition, we are pleased to note the recent definition of a JORC exploration target of 30 – 50 million t at 0.6 – 0.8% nickel and 400 – 600 ppm cobalt on its Coglia nickel-cobalt Project at Merolia. This investment will therefore tick all of our criteria and satisfies our internal hurdles, in particular providing for further diversification of our business; not only in terms of reducing jurisdictional risk but also across commodities, including strategically significant battery metals.”
Read the article online at: https://www.globalminingreview.com/finance-business/30092021/ariana-resources-announces-proposed-maiden-investment-of-asgard-metals-fund/