Ariana Resources PLC (AIM:AAU) said its stake in Venus Minerals Ltd looks set to increase to 58% following a capital restructuring and ahead of a proposed listing for Venus on the London Stock Exchange.
Ariana's shareholding in Venus will increase to 56% following the conversion of an existing loan of £500,000. An additional loan of a further £200,000 is expected to convert simultaneously, taking Ariana's holding to 58%.
Several drill-ready targets have been identified across the Venus portfolio in Cyprus, including the newly acquired Margi Prospect and the recently discovered Troulli prospect at the Mariner project.
"We are pleased to be increasing our shareholding in Venus at this important time, as Venus advances on its plan to complete an IPO on the London Stock Exchange,” said Ariana’s managing director Dr Kerim Sener in a statement.
“We are continually assessing market conditions, so that we achieve a listing of the company under optimal circumstances. In addition, various initiatives are being advanced by Venus in order to develop our projects in Cyprus as efficiently as possible. Recent copper discoveries such as Troulli and at the newly acquired Margi prospect demonstrate the opportunities available in Cyprus for copper-gold deposits. As major shareholders in Venus, we are fully supportive of the team and wish them much success in their current endeavours," he added.
The other 42% of Venus is owned by Semarang Enterprises Ltd.