Venus is proposing to raise up to £3 million from new investors, following which Ariana will hold approximately 35% of Venus.
Venus is progressing towards an IPO on AIM during 3Q23, with marketing to commence imminently.
The IPO will enable Venus to undertake a further exploration programme on its portfolio of 100%-owned copper/gold assets in Cyprus.
Dr. Kerim Sener, Managing Director, commented: “We are very pleased to report the latest progress on Venus. With the support of its brokers and other advisers, Venus is currently expecting to advance toward listing on AIM during 3Q23. 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. 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. Ariana looks forward to reporting further progress from Venus in due course.”
Peter van der Borgh, Managing Director of Venus, 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.”