Ariana Resources PLC (AIM:AAU) has announced a conditional equity raise to bring in £1.15 million.
New shares will be issued at 1.5p each, in a £700,000 share placing and a £450,000 share subscription which will include Ariana directors.
Proceeds are earmarked to support the completion of desktop and field work to support the ongoing feasibility study at the Dokwe project.
It also ensures that the firm will have sufficient working capital and funds for its immediate project exploration and development needs until July 2025, Ariana noted.
The placing is being organised by Zeus Capital.