Mariana Resources Ltd the AIM listed exploration and development company with projects in Turkey and South America has told DirectorsTalk that the Company has raised approximately £1.77 million through a placing by the Company and Brandon Hill Capital Limited.
The net funds of approximately £1.7 million will be used to advance the Company’s exciting Hot Maden development project, the Nassau exploration project in Suriname and for general working capital purposes. The Company will issue and allot 88,250,000 new ordinary shares, conditional on admission, at a placing price of 2p. The Company has also issued one warrant for every 2 shares subscribed for at a strike price of 3p with an 18 month expiry. Total related warrants to be issued will be 41,125,000.
Chief Executive Officer, Glen Parsons today commented: “I am very pleased to announce this strategically important equity raising which ensures we have sufficient funding to maintain our 30% pro rata participation at the Hot Maden project following the carry period. To date, Hot Maden has delivered some of the most exceptional results announced this year in the industry, and its future anticipated development and exploration potential remain exciting. Mariana’s other assets will be prioritised to continue our strategy of delivering incremental value to shareholders.”
“This placing has considerably strengthened our share register. Globally leading resource focused institutions have led this placing, critical for supporting the future development of Hot Maden. With this placing, RCF Capital Fund has become a significant shareholder of Mariana with a holding of around 3.76%. We look forward to working with our new shareholders.”
“This year Mariana has seen its portfolio deliver extremely positive results and these funds provide us with considerable flexibility. Mariana’s portfolio is advancing on various fronts along the development curve and through these phases we will continue to assess funding and strategic options to unlock value and maintain this forward momentum.”
