29th Jan 2014 10:41
LONDON (Alliance News) - Ariana Resources PLC Wednesday said it has conditionally raised GBP770,000 through a share subscription.
The Turkey-focused gold exploration and development company said the funds were raised by way of a subscription for 85.6 million shares in the company at a price of 0.9 pence per share.
The company noted that Lanstead Capital LP has maintained its roughly 25% holding in the company through the subscription of 21.1 million shares.
Ariana said around 20% of the funds were raised by Ariana directors, staff and individuals associated with the company.
The company said the funds raised will enable the acceleration of exploration activities on the wider Kiziltepe area of the Red Rabbit Gold Project in western Turkey, where previous results have demonstrated the potential to increase current resources.
Ariana Resources shares were down 4.4% to 0.980 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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