Business
Placing to raise GBP 800,000
Placing to raise GBP 800,000.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n14 September 2009\nAIM / PLUS Markets: AAU\n\n PLACING TO RAISE £800,000\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold\nexploration and development company focused on Turkey, is pleased to\nannounce the placing of 26,666,667 new Ordinary Shares of 1 pence\neach with certain institutional investors (\"the Placing\") at a price\nof 3 pence per share, raising £800,000 before expenses.\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"This Placing was conceived and completed within only one week. This\nhighly successful and speedy outcome is a powerful endorsement of the\nsteady progress made by the Company in recent months. Interest in\nthe Placing exceeded expectations, underpinned by the latest positive\nshift in market sentiment towards Ariana, and aided by the sterling\nefforts of our brokers.\n\nThe funds raised from this Placing will allow the Company to\nundertake further development work on the Kiziltepe and Tavsan\ndeposits, and to initiate core components of the pre-feasibility\nlevel evaluation of the 'Red Rabbit' Project, which envisages\nintegrating these two deposits into a single venture. New\nexploratory drilling on Kiziltepe and related targets will be\nundertaken in prospective areas where surface data is limited. At\nTavsan, a geophysical programme is planned to identify new targets\nfor resource extensions.\n\nWe welcome our new shareholders and look forward to keeping our\nvalued investors informed of the Company's progress as we move\nforward with the development of our projects in western Turkey\".\n\nDetails of Placing\n\nThe Placing was undertaken for 26,666,667 ordinary shares (the\n\"Placing Shares\") of 1 pence each (\"Ordinary Shares\") at 3 pence per\nOrdinary Share. The Placing is conditional upon admission to trading\non AIM of the new Ordinary Shares. Application will be made to the\nLondon Stock Exchange for the new Ordinary Shares to be issued\npursuant to the Placing to be admitted to trading on AIM. It is\nanticipated that Admission will become effective and dealings will\ncommence on Friday 18 September 2009. The new Ordinary Shares will\nrank pari passu, in all respects, with the existing Ordinary Shares\nthat are currently traded on AIM. Following admission of these\nshares, there will be a total of 170,517,993 Ordinary Shares in\nissue.\n\n\nContacts:\n\n\...