Gold mine developer Ariana Resources (LON:AAU) has brought in £1mln via a share placing and subscription, to further exploration at the Kiziltepe sector of its Red Rabbit project in Turkey.
It is here that the firm's first mine will be located with first gold expected in the second half (H2) of 2016 from a project that is set to produce 21,000 ounces of gold each year.
Ariana's managing director Kerim Sener told investors: "In the past 18 months the company has systematically established multiple resource target areas and has advanced several of these to the point of drill-testing.
"Together with our partners, Proccea, we recognise the potential for the project to yield additional resources that can ultimately be fed in to the mining schedule and increase mine life of Kiziltepe where we anticipate our first gold pour in H2 2016, currently targeting 20,000 oz per annum.
"We are very pleased to have the support of our partners in this fundraising ahead of imminent mine construction; like us, they understand the value of additional exploration and resource development at this important time in the development of the mine."
The firm issued around 77.7 mln shares in the placing and around 33.3mln in the subscription at 0.9p a share -around 10% below Friday's closing price of 1.005p.
Proccea, Ariana's local joint venture partner on Red Rabbit, subscribed for shares, as did directors Sener and chairman Michael de Villiers.