10th May 2018 13:42
LONDON (Alliance News) - Arian Silver Corp said Thursday it has new raised funds through a private placing on Tuesday and also announced major changes to its board.
Shares were trading 18% higher at 0.29 pence in afternoon trade.
The exploration company raised GBP602,000 through the placing of 240.8 million shares at 0.25 pence each, at a premium of 4.2% on Arian Silver's closing price on Tuesday.
The company said it will use the funds to look for new mining projects to develop and contribute to future growth.
The company also announced Jim Williams, chief executive officer & co-founder, will step down from the board with effect from the date of the admission.
Tony Williams, Arian co-founder & chairman, will also retire from the board from the same date.
Both directors will receive a settlement payment, in cash and shares, equal to their annual director's fee.
Dennis Edmonds, who is on the board of Bubblr Ltd and Bubblr Holdings Ltd as director, will replace Tony Williams as executive chairman.
Chris Gordon, non-executive director at Gordon Global Index Ltd, has been appointed to Arian Silver's board as non-executive director.