Metals explorer Ariana Resources plc (LON:AAU) has raised £900,000 in an oversubscribed placing as it looks to advance its other projects away from its flagship Kiziltepe gold mine in Turkey.
Kiziltepe is now “largely operational” the firm reported yesterday after unprecedented weather conditions slowed progress at the end of 2016.
With that mine up-and-running, Ariana wants to move forward with some of its others – in particular its Salinbas and Tavsan gold projects.
“Both projects require additional value additive work that it is important that we conduct during the winter months and immediately ahead of the exploration field season,” said chief executive Kerim Sener.
“Completing this work while Kiziltepe is in the process of entering production will contribute significantly towards our strategy to enhance our production profile towards 50,000oz gold per annum.”
To raise the funds, Ariana will issue 56.3mln shares to both new and existing investors at 1.6p a pop – a slight discount to yesterday’s close of 1.87p.