Exploration company Venus, which is seeking to develop volcanogenic massive sulphide copper/gold deposits in Cyprus, is progressing plans for an initial public offering (IPO) on the Aim during the third term, with marketing set to start imminently.
Venus is proposing to raise £3-million from new investors, following which Aim-listed Ariana Resources will hold about 35% of the exploration firm.
With a 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, says Ariana MD Kerin 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,” he says.
Venus MD Peter van der Borgh adds that the company’s 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,” states Van der Borgh.
Venus is in the process of being converted to a PLC in final preparation for its stock exchange listing.
In addition, the company has undertaken further fieldwork and is refining targets at several of its exploration projects in Cyprus in order to carry out drilling once it has completed its planned IPO.