Ariana Resources PLC (LON:AAU) said it has revised its agreement with KEFI Minerals (LON:KEFI) and its subsidiary Dogu concerning the net smelter return (NSR) on the Kizilcukur project and an exploration database encompassing the Republic of Turkey.
“Following the final due diligence completed on Dogu, Ariana and KEFI determined to proceed with the proposed transaction on slightly revised terms,” explained Dr Kerim Sener, managing director or Ariana in a statement.
“Significantly, the originally proposed acquisition by Ariana of Dogu from KEFI is now no longer going to proceed. Instead, the 2% NSR existing on the Kizilcukur project will be cancelled and it is envisaged that Ariana will acquire, on a conditional basis, an additional NSR royalty of 2.5% on the Koza Gold-owned Yatik project.
“The latter royalty will be the first royalty owned by Ariana and represents future value in a region that remains actively explored and developed by Koza Gold and several other companies,” he added.
The total cash consideration payable by Ariana to KEFI will amount to £75,000, of which a £15,000 payment has already been made.
Published at Tue, 04 Aug 2020 10:04:00 +0000-Ariana revises deal with KEFI, acquires first ever royalty