Ariana Resources (ASX:AA2) has entered into a binding definitive agreement with Hongkong Xinhai Mining Services, part of Shandong Xinhai Mining Technology & Equipment, securing up to $11 million in strategic investment and technical support to advance the Dokwe Gold Project in Zimbabwe.
Under the agreement, Xinhai will provide $8 million in immediate equity funding, including a non-refundable $500,000 signing fee already received, through the issue of CDIs at $0.30 each, giving Xinhai an initial 10.19% stake in Ariana upon completion of the first tranche.
The agreement also covers up to $3 million in technical services, including a metallurgical sampling and testwork program and completion of a definitive feasibility study, to be paid through additional CDI issuances subject to shareholder approvals.