Business
Placing to raise £933,068
Placing to raise £933,068.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n25 September 2007\n ARIANA RESOURCES PLC\n AIM / PLUS Markets: AAU\n\n PLACING TO RAISE £933,068\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold\nexploration company focused on Turkey, is pleased to announce the\nplacing of 23,326,700 new Ordinary Shares of 1 pence each with\ncertain institutional and private investors (\"the Placing\") at a\nprice of 4 pence per share, raising £933,068 before expenses. One\nWarrant is issued for every three Ordinary Shares to subscribe for\nnew ordinary shares at a strike price of 8 pence with an exercise\nperiod of 3 years.\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"The level of interest generated by the Placing was beyond\nexpectation with the fundraising well received by new institutional\nand private investors. The Directors of the Company also supported\nthe Placing.\n\n\"The additional funds will allow the Company to expand its drilling\nprogramme and to increase its current JORC resource to the baseline\ntarget of 250,000 oz Au. A formal scoping study will be carried out\nat Kiziltepe to clarify the options for the development of a gold\nproducing operation.\n\n\"We welcome our new shareholders and look forward to keeping our\ninvestors advised of the Company's progress as we move towards\njoining the ranks of gold producers\".\n\nDetails of Placing\n\nThe Placing was undertaken for 23,326,700 ordinary shares (the\n\"Placing Shares\") of 1 pence each (\"Ordinary Shares\") at 4 pence per\nOrdinary Share and up to 7,775,567 free warrants to subscribe for\nordinary shares at a strike price of 8 pence and at an exercise\nperiod of 3 years (\"the Warrants\"). One Warrant will be issued with\nevery three shares.\n\nThe Placing is conditional upon admission to trading on AIM of the\nnew Ordinary Shares. Application will be made to the London Stock\nExchange for the new Ordinary Shares to be issued pursuant to the\nPlacing to be admitted to trading on AIM. It is anticipated that\nAdmission will become effective and dealings will commence on Friday\n28 September 2007. The new Ordinary Shares will rank pari passu, in\nall respects, with the existing Ordinary Shares that are currently\ntraded on AIM. Following admission of these shares, there will be a\ntotal of 70,284,062 Ordinary Shares in issue. The warrants will not\nbe listed.\n\nAll Directors of the ...