30th Nov 2021 06:57
Ariana Resources PLC - exploration firm with interests in Turkey - Through subsidiary Asgard Metals Fund, invests GBP275,000 into Kazakhstan-based gold and copper explorer Pallas Resources Ltd for 1.3 million shares.
In addition, Ariana will also sign a consultancy agreement with Pallas, under which Ariana will provide technical consulting services for exploration activities by Pallas over a two-year period.
Asgard Metals will hold a 6% stake in Pallas once fully invested.
"This investment exemplifies Ariana's expanded reach and strategic direction via the Asgard Metals Fund. We are actively pursuing opportunities throughout the Eastern Hemisphere, as we develop future growth opportunities for the company across new horizons. We now look forward to assisting Pallas in its development, ultimately towards an IPO," says Managing Director Kerim Sener.
Current stock price: 4.10 pence
Year-to-date change: down 14%
By Dayo Laniyan; [email protected]
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