Mariana Resources Ltd the AIM listed exploration and development company with projects in Turkey and South America, has told DirectorsTalk a private placement of up to 330,000,000 ordinary shares in the Company. The Company will also issue one warrant (a “Warrant”) for every two Shares subscribed. Each Warrant will be exercisable for a period of two years to acquire an additional Ordinary Share of the Company at an exercise price of 2.5p. A strategic North American royalty company and its consortium have agreed to participate in the private placement for a committed US$5 million. Mariana has already received commitments in excess of the minimum placement amount of GBP4 million, with the ability for the raising to be increased up to GBP6 million.
The terms of the placement are based on the Friday 22 April 2016 close being 1.82 UK pence. It is anticipated the completion of the private placement will occur by close of business Wednesday 4 May 2016.
Chief Executive Officer Glen Parsons today commented: “Mariana is continuing to attract a broader and diverse investor base with its attractive portfolio of assets. This fundraising has been subscribed for by a number of supportive influential investors and institutions globally, including a significant investment from a strategic North American royalty company. We view these investments in Mariana as a great vote of confidence in the asset and our team as a whole and we believe this will assist in raising the Company’s Canadian and global profile.
“These funds raised will mainly be used for the advancement of Hot Maden to a Preliminary Economic Assessment and ultimately feasibility. The placement and longer term funding allows Mariana to plan ahead constructively, while avoiding the need to fall back on short term funding financing decisions.”
