www.arianaresources.com
Ariana is an AIM-listed and PLUS-traded gold exploration and development company which aims to develop new gold mines in Turkey. Ariana is lead by an experienced board and is spearheaded by a focused Turkish management team. Current resources stand at approximately 400,000 ounces of gold in western Turkey, with two key projects under development: the high-grade Kiziltepe prospect and the heap-leachable Tavsan prospect. An exploration joint venture with European Goldfields (20% shareholders in Ariana) in northeastern Turkey is focused on the Ardala copper-gold porphyry and surrounding areas. Ariana holds a large and prospective licence portfolio from which a pipeline of new exploration targets is being generated for drill-testing utilizing an ‘in-house’ drilling team. Exploration and development success is being delivered via a strategy which integrates geoscientific knowledge and new technologies to identify and advance prospects for drill-testing. Ariana aims to develop a portfolio of licences in western Turkey which contain an aggregate of one million ounces of gold; a target which it is already on the way to achieving.
Ariana Resources agrees £5 mln funding deal with Yorkville Advisors
Ariana Resources (LON:AAU) has secured up to £5 million in new funding, via a Standby Equity Distribution Agreement (SEDA) with Yorkville Advisors LLC.
It can drawdown new capital from the facility at any time over the SEDA’s three year life span, by issuing new shares to one of Yorkville’s investment funds, YA Global Master SPV.
The company highlighted that the deal enhances its access to new capital which will help with significant project and investment decisions in the medium term.
Ariana managing director Dr Kerim Sener said: “The SEDA will provide Ariana with ready access to capital and help expedite the progress of our flagship Red Rabbit Gold Project through feasibility as well as enhancing the ability of the company to take advantage of new opportunities, some of which are at an advanced stage of evaluation."
This flexible and innovative type of financing is increasingly popular on London’s AIM market, with several companies - including Xcite Energy (LON:XEL, TSX-V:WEL), Red Rock Resources (LON:RRR), Ascent Resources (LON:AST) and ECR Minerals (LON:ECR, OTC:MTGDY) - signing up similar deals with Yorkville in the past year.
Ariana’s priority project is the Red Rabbit joint venture in Turkey. It is the centre-piece of Ariana’s growth strategy and brings together the firm’s Kiziltepe prospect with Proccea’s Tavsan gold area.
Together the two have a resource of 450,000 ounces of gold and gold equivalent, though the target is to take that figure to at least 500,000 ounces. From that they hope to produce around 30,000 ounces per annum over a five year period.
