17th Sep 2014 07:43
LONDON (Alliance News) - Mariana Resources Ltd shares were given a boost in early trade on Wednesday after the company said it has secured up to USD6 million in financing to back the growth of its South American exploration portfolio.
Mariana shares were up 11% to 1.725 pence in early trade, putting it among the top five performers in the AIM All-Share index.
The company said it has entered into a convertible securities issuance deed with Bergen Global Opportunity Fund LP, an investment fund managed by Bergen Asset Management LLC.
Under the deal, Mariana will be able to issue USD2 million in convertible securities immediately, with a further USD4 million issue over the next twelve months.
"The securing of this USD6 million funding comes at an exciting time for Mariana following our recent entry into an option to secure up to 70% of two potentially strategic high-grade gold tenements," said Mariana Chief Executive Glen Parsons.
By Sam Unsted; [email protected]; @SamUAtAlliance
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