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Ariana Resources PLC - exploration firm with interests in Turkey, Cyprus and Kosovo - Provides convertible loan to Venus Minerals Ltd of £500,000 with a 10% coupon. Says loan will be used to progress the Apliki copper project in Cyprus. The firm recently provided an updated mineral resource estimate for the project. Venus holds management control of the project.
Ariana can convert the loan, together with any accrued interest, on or before the anniversary of the execution of the loan, or when Venus is admitted to trading on a recognised stock exchange. Venus is aiming for a listing on AIM in London.
Ariana will be granted a charge over a Venus's shareholding in its operating subsidiary.
Current stock price: 2.97 pence, up 2.4% in London on Friday
12-month change: down 36%
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