Placing to raise £933,068
25 September 2007
ARIANA RESOURCES PLC
AIM / PLUS Markets: AAU
PLACING TO RAISE £933,068
Ariana Resources plc ("Ariana" or "the Company"), the gold
exploration company focused on Turkey, is pleased to announce the
placing of 23,326,700 new Ordinary Shares of 1 pence each with
certain institutional and private investors ("the Placing") at a
price of 4 pence per share, raising £933,068 before expenses. One
Warrant is issued for every three Ordinary Shares to subscribe for
new ordinary shares at a strike price of 8 pence with an exercise
period of 3 years.
Dr. Kerim Sener, Managing Director, commented:
"The level of interest generated by the Placing was beyond
expectation with the fundraising well received by new institutional
and private investors. The Directors of the Company also supported
the Placing.
"The additional funds will allow the Company to expand its drilling
programme and to increase its current JORC resource to the baseline
target of 250,000 oz Au. A formal scoping study will be carried out
at Kiziltepe to clarify the options for the development of a gold
producing operation.
"We welcome our new shareholders and look forward to keeping our
investors advised of the Company's progress as we move towards
joining the ranks of gold producers".
Details of Placing
The Placing was undertaken for 23,326,700 ordinary shares (the
"Placing Shares") of 1 pence each ("Ordinary Shares") at 4 pence per
Ordinary Share and up to 7,775,567 free warrants to subscribe for
ordinary shares at a strike price of 8 pence and at an exercise
period of 3 years ("the Warrants"). One Warrant will be issued with
every three shares.
The Placing is conditional upon admission to trading on AIM of the
new Ordinary Shares. Application will be made to the London Stock
Exchange for the new Ordinary Shares to be issued pursuant to the
Placing to be admitted to trading on AIM. It is anticipated that
Admission will become effective and dealings will commence on Friday
28 September 2007. The new Ordinary Shares will rank pari passu, in
all respects, with the existing Ordinary Shares that are currently
traded on AIM. Following admission of these shares, there will be a
total of 70,284,062 Ordinary Shares in issue. The warrants will not
be listed.
All Directors of the Company participated in the Placing, following
the announcement of the Company's Interim Results on the 24 September
2007, on the same terms as outlined above: the Directors and related
parties have acquired a total of 2,314,200 shares.
Following the Placing, the Directors' shareholdings are as follows:
+-------------------------------------------------------------------+
| | Placing | Shareholding | Percentage holding |
| | Shares | following | of issued shares |
| | | Placing | following Placing |
|---------------+-----------+--------------+------------------------|
| Kerim Sener * | 314,200 | 2,650,000 | 3.77% |
|---------------+-----------+--------------+------------------------|
| Michael | 1,000,000 | 1,083,333 | 1.54% |
| Etheridge | | | |
|---------------+-----------+--------------+------------------------|
| Michael | 125,000 | 237,500 | 0.33% |
| Spriggs | | | |
|---------------+-----------+--------------+------------------------|
| Michael de | 875,000 | 1,112,500 | 1.58% |
| Villiers | | | |
+-------------------------------------------------------------------+
* Kerim Sener's shareholding includes shares held by related
parties.
Contacts:
Ariana Resources plc Tel: 020 7407 3616
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish
Bankside Consultants Tel: 020 7367 8888
Michael Padley / Louise Davis
City Capital Corporation Limited Tel: 020 7842 5867
Charles Dampney
King & Shaxson Capital Limited Tel: 020 7426 5986
Nick Bealer
Editors' note:
About Ariana Resources
Ariana is a dynamic exploration company focused on the discovery and
development of epithermal gold-silver and porphyry copper-gold
deposits with multi-million ounce potential within the Tethyan
metallogenic belt of Turkey. The Company has a portfolio of
prospective licences covering 1,820km2, selected on the basis of its
advanced in-house remote sensing database.
The Company's flagship asset is the 235km2 Sindirgi Gold Project,
which targets a series of prospects, within a prolific mineralised
district in western Turkey. The project hosts over 45km of
gold-silver bearing epithermal quartz veins.
City Capital Corporation Limited and King & Shaxson Capital Limited
are joint brokers to the Company and Beaumont Cornish Limited is the
Company's nominated adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.
Ends
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