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AAU Ariana Resources Plc

2.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ariana Resources Plc LSE:AAU London Ordinary Share GB00B085SD50 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.25 2.10 2.40 2.25 2.25 2.25 548,397 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 4.03M 0.0035 6.43 25.79M

Ariana Resources PLC SHARE BUY-BACK: UPDATE (6845N)

21/01/2019 4:29pm

UK Regulatory


Ariana Resources (LSE:AAU)
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TIDMAAU

RNS Number : 6845N

Ariana Resources PLC

21 January 2019

21 January 2019

AIM: AAU

SHARE BUY-BACK: UPDATE

Further to the announcement on 16 January 2019 that the Company was purchasing a total of 4,500,000 ordinary shares of 0.1 pence in the Company ("Ordinary Shares") at 1.483 pence per share (the "Purchase") to be held in Treasury, the Board has been advised that the Company does not have sufficient distributable reserves within the Company's balance sheet in order to complete the transaction.

Despite a special resolution having been passed at the last AGM, which had been proposed to facilitate such transactions, the Company has resolved to reverse this transaction following the advice now received. Consequently, the Directors of the Company will take responsibility for this situation by acquiring the shares that were the subject of that transaction personally. A further announcement on this will be made at the earliest practicable time.

Furthermore, the Company is now considering whether to pursue a Court Scheme in order to achieve a reduction of capital, which would provide the Company with positive distributable reserves to enable future purchases of its own shares and/or distributions to shareholders, such as dividends. This process will require a shareholder resolution and further information will be provided on this at a suitable time.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Contacts:

 
 Ariana Resources plc                       Tel: +44 (0) 20 7407 
                                             3616 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 
 Beaumont Cornish Limited                   Tel: +44 (0) 20 7628 
                                             3396 
 Roland Cornish / Felicity Geidt 
 
 Panmure Gordon (UK) Limited                Tel: +44 (0) 20 7886 
                                             2500 
 Atholl Tweedie / James Stearns 
 
 Yellow Jersey PR Limited                   Tel: +44 (0) 7544 275 
                                             882 
 Felicity Winkles/ Tim Thompson / Harriet   arianaresources@yellowjerseypr.com 
  Jackson 
  / Henry Wilkinson 
 

Editors' Note:

About Ariana Resources:

Ariana is an exploration and development company with mining operations focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey, the largest gold producing country in Europe. The Company is developing a portfolio of prospective licences originally selected on the basis of its in-house geological and remote-sensing database, which now contain a total of 1.6 million ounces of gold and other metals (as at end-2017). Ariana's objective is to cost-effectively add value to its projects through focused exploration and to develop its operations, primarily through well-financed joint ventures.

The Company's flagship assets are its Kiziltepe and Tavsan gold projects which form the Red Rabbit Gold Project. Both contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. These core projects, which are separated by a distance of 75km, form part of a 50:50 Joint Venture with Proccea Construction Co. The Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is currently in production. The total resource inventory at the Red Rabbit Project and wider project area stands at c. 605,000 ounces of gold equivalent (as at end-2017). At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on production is payable to Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project, comprising the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects. The total resource inventory of the Salinbas project area is c. 1 million ounces of gold equivalent. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Panmure Gordon (UK) Limited are broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

Ends.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

POSSEMFMFFUSEEF

(END) Dow Jones Newswires

January 21, 2019 11:29 ET (16:29 GMT)

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