27th Jul 2015 09:10
LONDON (Alliance News) - Ariana Resources PLC on Monday said it has raised GBP1 million via a placing and share subscription to back work at the Red Rabbit gold project in western Turkey.
Ariana has issued 77.8 million shares under the placing and 33.3 million shares under the subscription to raise the GBP1 million. The new shares were issued at 0.9 pence per share.
Ariana shares were down 2.7% to 0.978 pence on Monday morning.
The proceeds will be primarily used for further exploration and resource development at the Kiziltepe Sector of the Red Rabbit project. First gold production from Red Rabbit is expected to start in the second half of 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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