Ariana Resources has raised £900,000, gross, through an oversubscribed placing of 56,250,000 new ordinary shares at 1.6 pence apiece.
The net proceeds will be used to advance the company’s projects outside of Kiziltepe, and to support ongoing working capital requirements.
Managing director Dr. Kerim Sener said: “We are pleased to be raising £900,000 at this important time in the evolution of the Company. Following the recent acquisition of 100% of the 1 million ounce Salinbas Project and the completion of a highly encouraging scoping study at Tavsan, the funds raised will be utilised to advance these projects in particular.
“Both projects require additional value additive work that it is important that we conduct during the winter months and immediately ahead of the exploration field season. Completing this work while Kiziltepe is in the process of entering production, will contribute significantly towards our strategy to enhance our production profile towards 50,000 oz gold per annum.”
Story provided by StockMarketWire.com