12th Feb 2019 10:26
LONDON (Alliance News) - Gold mine explorer and developer Ariana Resources PLC said Tuesday it has reduced its capital within its wholly-owned Turkish operating subsidiary, returning about GBP3.8 million to the company.
Ariana has lowered its capital in subsidiary Galata Madencilik San ve Tic Ltd to TRY3.0 million, about GBP440,000, from TRY28.8 million, about GBP4.2 million.
As of Monday, Galata had returned GBP1.0 million in capital to Ariana, mainly from loan repayments from Zenit Madencilik San ve Tic AS for the operation of the now profitable Kiziltepe mine.
Ariana said it has reduced its capital in Galata as the flow of funds from Zenit exceeds the working capital requirements of Galata.
Ariana said it will use the funds returned from Galata for exploration and development projects, including Salinbas, and to fund its own general working capital requirements.
Shares in Ariana Resources were up 8.1% Tuesday at 2.00 pence each.
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