Arian Silver Corporation (“Arian Silver” or the “Company”) is pleased to announce that it has raised £700,000, before expenses, through the placing of 70 million units (“Units”) of 1p each (“the Placing”) through its broker Beaufort Securities Limited.
Each Unit comprises one new common share (“New Common Share”) and one-half new share warrant (“Warrant”), which entitles the holder to subscribe for one New Common Share at 1.5p. The expiry date of each Warrant will be 28 April 2019.
The Company intends to use the proceeds of the Placing to advance exploration of its mining concessions in Zacatecas, Mexico, and specifically in connection with the option agreement to evaluate the portfolio of assets held by Tierra Neuva Mineria (“TNM”) which was announced on 27 January 2016. In addition to this, the Company continues to evaluate other properties which are not related to TNM and will report on any relevant developments in due course.
Jim Williams, Chief Executive Officer of Arian Silver, commented, “The continuing support of our investors has made it possible to further strengthen our balance sheet and puts us in a stronger position to progress prospective mining opportunities in Mexico. This coincides with signs of strengthening for the metal markets, which I believe will be sustained for the foreseeable future.
We are continuing to advance opportunities with TNM and are continuing to assess other projects, and I look forward to being able to provide shareholders with a further update regarding our progress in the near future.”
The Placing and Subscription are conditional on the New Common Shares being admitted to trading on AIM (“Admission”). Application will be made to the London Stock Exchange for the 70,000,000 New Common Shares to be admitted to trading on AIM. Admission of the New Common Shares is expected to become effective at 8:00 am on or around 13 May 2016.
Following Admission and assuming no exercise of Warrants, the Company will have 183,694,941 common shares of no par value in issue. The Company has no shares in treasury, therefore the figure of 183,694,941 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
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