9th Nov 2026 20:53
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.
Managing Director Kerim Sener says: "The listing will broaden Ariana's investor base and provide an additional platform from which to access capital as we advance our Zimbabwean assets. Our principal focus is the development of the [1.6 million ounce]-Dokwe Gold Project in Matabeleland North, near Bulawayo, which we are advancing through feasibility and ultimately towards production...Importantly, the funds raised are designed to be specifically focused on the advancement of Dokwe through further exploration and development programmes in Zimbabwe. This represents a very important step in positioning Dokwe as a major new gold operation in Zimbabwe and in creating value for both our current international and new Zimbabwean shareholders.'
Current stock price: 1.46 pence, closed up 4.3% in London on Monday
12-month change: down 1.4%
By Aidan Lane, Alliance News reporter
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