Mariana Resources Ltd ("Mariana" or the "Company"), the AIM listed
exploration and development company with projects in Turkey and South
America, announces the closing of the private placement (previously
announced 26 April 2016) for 330,000,000 ordinary shares in the Company
(the "Shares"). The Company will be issuing 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. Following this placement,
Sandstorm Gold Limited TSX:SSL ("Sandstorm") has become a significant
shareholder with a holding of 7.56% in the Company.
The placement price as announced on the 26 April was 1.82 UK pence
It is expected that 330,000,000 million shares will commence trading on
AIM on or around Wednesday, 11 May 2016.
Chief Executive Officer Glen Parsons today commented:
"The overwhelming support for Mariana and this placement specifically
from North America and our current supportive institutions is very
encouraging, particularly with the decision to proceed with dual listing
on the TSX-V. Furthermore with this strong support Mariana decided to
place the full 330 million shares. 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.
We are pleased to welcome Sandstorm as an investor following their
recent purchase of the Hot Maden 2% NSR (Net Smelter Royalty) from Teck
Resources. This investment in Mariana is a great vote of confidence for
the asset and our team.
"These funds raised will mainly be used for the advancement of Hot Maden
and position Mariana favourably for the future."
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