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(Alliance News) - Ariana Resources PLC on Thursday said Venus Minerals Ltd is looking to raise up to GBP3 million via an initial public offering on AIM in London.
Turkey-focused exploration company Ariana Resources has a 58% shareholding in Venus Minerals and said after the proposed fundraise from new investors, it would hold 35% of Venus Minerals.
Ariana Resources said Venus Minerals is progressing towards an IPO on AIM during the third quarter, while it will begin marketing "imminently". The IPO is intended to enable Venus Minerals to undertake a further exploration programme on its portfolio of 100%-owned copper/gold assets in Cyprus.
"With a very strong pipeline of copper-gold exploration and development projects in Cyprus and a cutting-edge exploration model, Venus is strategically placed to capitalise on the global deficit currently predicted in the years ahead for the copper market," said Ariana Resources Managing Director Kerim Sener.
"Cyprus is a well-established and low-risk mining jurisdiction in Europe, so now it is imperative for Europe to develop its own copper resources to support the global decarbonisation agenda. We expect Venus to help advance and develop a series of high-quality copper projects to satisfy this demand."
Venus Minerals Managing Director Peter van der Borgh added: "The Venus project portfolio is the culmination of years of geological fieldwork and research, which has resulted in a proprietary, island-wide database of historical exploration, and innovative exploration models for target selection. Ariana's involvement over the past few years has enabled us to define JORC 2012 resources, expand our portfolio to include several exciting new projects, and position ourselves for the IPO."
Shares in Ariana Resources were down 3.4% to 2.34 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News reporter
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