18th Sep 2014 07:35
LONDON (Alliance News) - Shares in Mariana Resources Ltd rose in opening trade on Thursday after the company said it has entered into an agreement to buy Canadian explorer Aegean Metals Group Inc in an all-share deal.
Shares in Mariana topped the AIM All-Share early on Thursday, rising 10% to 2.04 pence.
The acquisition of Aegean will add four gold-copper-silver projects to Mariana's portfolio in Turkey and Chile. They include the Ergama and Hot Maden gold-copper exploration projects in the Tethyan Porphyry-Epithermal Belt in Turkey and the Doea Inos and Explorada East projects in Chile.
Under the terms of the deal, Mariana will buy 100% of outstanding shares in for 1.902 Mariana shares for every 1 Aegean share.
Mariana Chief Executive Glen Parsons said the deal was a "transformational" one for Mariana and said the USD6 million financing package agreed by the company earlier this week means it is "well funded to advanced exploration on these new projects".
By Sam Unsted; [email protected]; @SamUAtAlliance
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