JOHANNESBURG (miningweekly.com) – Aim-listed Ariana Resources has raised £900 000 through an oversubscribed placing of 56.2-million new ordinary shares at 1.6p apiece.
The proceeds will be used to advance the company's projects outside of Kiziltepe, in Turkey, which includes the 475 000 gold equivalent ounce Red Rabbit project, also in Turkey.
The funds will also support the group’s ongoing working capital requirements.
Ariana MD Dr Kerim Sener noted that the company was currently facing an “important time in its evolution”.
“Following the recent acquisition of 100% of the one-million-ounce Salinbas project and the completion of a highly encouraging scoping study at Tavsan, the funds raised will be used to advance these projects in particular,” he said.
Both projects require additional value additive work to be conducted 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 Ariana’s strategy to enhance its production profile towards 50 000 oz/y of gold.