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Arian Resources Corp. (TSXV:ARC) announced that it has completed its acquisition of Balkan Resources Inc., in the process gaining the copper-gold-silver-cobalt Perlat mine, located in Albania.
Arian Resources Corp. (TSXV:ARC) announced that it has completed its acquisition of Balkan Resources Inc., in the process gaining the copper-gold-silver-cobalt Perlat mine, located in Albania.
As quoted in the press release:
Consideration is $4-million, of which $2-million is payable on June 30, 2015 and another $2-million payable onDecember 30, 2016.
In addition, five million common shares have been issued to Balkan as part of the closing. The company must expend a total of $13,218,400 in exploration expenses over a three-year period.
On the date that a concentrate emanating from the Perlat exploitation license has been accepted by a smelter, the Company will make a cash payment of $2-million to BRC and will have the option to either pay BRC a further $3-million or issue three million common shares, subject to further exchange review and acceptance. If a concentrate from the license has not been accepted by a smelter by Dec. 31, 2018, then the Company will make a cash payment of $2-million.
Upon commercial production Balkan will receive a 2.5% Net Smelter Return for the duration of the life of the mine.
Zahir Dhanani, CEO of Arian, commented:
Having acquired a high grade copper-gold project with a substantial historic resource and, having raised an initial round of capital to begin the work required to put the project back into production, Arian has begun the process that we believe will create substantial shareholder value going forward.
Click here to read the full Arian Resources Corp. (TSXV:ARC) press release.