IN BRIEF: Ariana Resources approved for secondary listing in Zimbabwe
Ariana Resources PLC - Mineral exploration, development and production company with gold project interests in Africa and Europe - The Victoria Falls Stock Exchange in Zimbabwe has approved Ariana's proposed secondary listing on the exchange. Ariana is raising between USD3.0 million and USD5.0 million through the issue of up to 221.3 million shares. This comprises 130.4 million shares at a subscription price of USD0.023 and up to 90.9 million shares subscribed for by cornerstone investor Dendere Asset Management (Private) Ltd at USD0.022 each. Says Dendere has agreed to use its best endeavours to subscribe for up to a further USD1.0 million worth of shares at the same price, if offered by Ariana. Dendere will also be granted an option to subscribe for up to a further 57.1 million shares at USD0.035 each, worth up to USD2.0 million. Net proceeds will be focused on a two-year exploration and development programme at Ariana's Dokwe Gold Project, which will be undertaken alongside a feasibility study. Shares are expected to begin trading on December 11. Read More