4th May 2016 08:47
LONDON (Alliance News) - Mariana Resources Ltd on Wednesday said it has raised GBP6.0 million through a private placement.
Mariana has issued 330.0 million shares and will issue one warrant for every two subscription shares. The shares were placed at 1.82 pence, and the warrants are exercisable at 2.50p per share.
Following the placing, Canada-listed Sandstorm Gold Ltd has become a substantial shareholder in Mariana with a 7.6% stake. Sandstorm recently acquired a 2.0% net smelter royalty on Mariana's Hot Maden project in Turkey.
"We have attracted a diverse investor base demonstrating support for our attractive asset portfolio including the exciting high-grade gold and copper Hot Maden project in north eastern Turkey," said Glen Parsons, Mariana's chief executive.
Mariana shares were up 0.4% to 2.54p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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