It was a milestone Monday for Ariana Resources PLC (AIM:AAU), as the AIM-listed gold explorer confirmed it has closed the institutional bookbuild for its planned dual listing on the Australian Securities Exchange.
The offer, which opened earlier this month, will raise between A$10 million and A$15 million through the issue of up to 53.6 million Chess Depositary Interests (CDIs), each representing 10 ordinary shares in the company.
The issue price is set at A$0.28 per CDI, valuing the offer at roughly £5.1 million to £7.6 million before costs.
The offer has been structured to include institutional investors across multiple jurisdictions, as well as Australian retail investors through broker-led allocations.
A prospectus is due to be lodged with the Australian Securities and Investments Commission on 29 July, with the ASX debut targeted for around 15 September under the ticker AA2.
The company said the listing will provide greater access to capital and increase its visibility in a resource-focused investment market.
Ariana holds interests in gold projects in Turkey and Zimbabwe, and is pursuing the dual listing as part of a wider growth strategy. Shaw and Partners is acting as lead manager, with Leeuwin Wealth as co-manager.