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PLACING AND SUBSCRIPTION TO RAISE £1,000,000
Ariana Resources, the Anglo-Turkish gold exploration and development company focused on Turkey, has announced that it has raised £1,000,000 before expenses. The proceeds of the Placing and Subscription will be used primarily for further exploration and resource development of the Kiziltepe Sector of the Red Rabbit Gold Project in western Turkey where first gold production is expected to commence in H2 2016 and for additional working capital.
Details of the Placing and Subscription
The Company has placed 77,777,778 new ordinary shares and 33,333,333 new ordinary shares to raise £1,000,000 (before expenses) at a price of 0.9 pence per new ordinary share.
Application has been made to the London Stock Exchange for the Placing Shares and Subscription Shares to be admitted to trading and it is expected that Admission will occur, and dealings in the Placing Shares and Subscription Shares will commence on 30 July 2015.
The Placing Shares and Subscription Shares will, when issued, rank pari passu in all respects with the existing issued shares of Ariana, including the right to receive any dividends and other distributions declared following Admission.
As at the date of Admission, the Company’s issued share capital will consist of 802,060,195 Ordinary Shares with a nominal value of 0.1p each, with voting rights. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 802,060,195.
Dr. Kerim Sener, Managing Director, commented:
“This fundraising provides the Company with the funds required to continue its planned exploration and resource development work at the Kiziltepe Sector of the Red Rabbit Gold Project. In the past 18 months the Company has systematically established multiple resource target areas and has advanced several of these to the point of drill-testing.
“Together with our partners, Proccea, we recognise the potential for the project to yield additional resources that can ultimately be fed in to the mining schedule and increase mine life of Kiziltepe where we anticipate our first gold pour in H2 2016, currently targeting 20,000 oz per annum. We are very pleased to have the support of our partners in this fundraising ahead of imminent mine construction; like us, they understand the value of additional exploration and resource development at this important time in the development of the mine.
“We look forward to updating shareholders further with exploration and mine construction news in the coming months.”
