Ariana Resources, via its wholly-owned Asgard Metals Fund, is to take an interest in Annamite Resources Holdings Pte Ltd, a Singapore-based company with copper and gold licenses in the highly prolific mineral belts of Laos.
According to a report by Proactive Investors, Asgard will be issued 2.5 million shares in Annamite, following a strategic investment of USD 100,000, with additional shares to be earned as specified within a consultancy agreement up to an equivalent of USD 200,000.
Under the terms of the consulting agreement, the Ariana team will help Annamite with its exploration efforts in Laos for up to two years, while Asgard will own around 3.8% of Annamite following the initial investment.
Asgard Metals Fund: Investment in Annamite Resources a Singapore-based company with copper and gold licences in Laos. Asgard to own 3.8% with its flagship Sokdee Project, located on the exceptionally prospective Phu Kham-Loei Trend. #gold #laos #copper– https://t.co/uMpQOAp3uz
— Ariana Resources plc (@ArianaResources) May 3, 2022
“Laos is located towards the eastern end of the continental Tethyan Metallogenic Belt, which constitutes a series of amalgamated metallogenic arcs across the Indochina Peninsula. In more detail, the geology of Laos comprises two major trends of gold mineralization, each displaying multi-million-ounce potential,” said Dr. Kerim Sener, Managing Director, Ariana Resources in a statement.
“We intend to continue growing the fund’s portfolio to provide Ariana shareholders with further exposure to exciting, high-value potential projects across the Eastern Hemisphere.”