Ariana Resources PLC SHARE BUY-BACK: UPDATE (6845N)
January 21 2019 - 11:29AM
UK Regulatory
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.
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END
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