Ariana Resources plc : Placing to raise £900,000, TVR

13 January 2017
AIM: AAU
PLACING TO RAISE £900,000
TOTAL VOTING RIGHTS

Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce an oversubscribed placing of 56,250,000 new ordinary shares of 0.1 pence each in the Company (the "Placing Shares") at a price of 1.6 pence per share (the "Placing Price"), in order to raise gross proceeds of approximately £900,000 (the "Placing") before expenses. The Placing has been undertaken within the Company's existing share authorities, and has been supported by both new and existing shareholders. The net proceeds of the Placing will be used to advance the Company's projects outside of Kiziltepe, and to support ongoing working capital requirements of the Group.  The Placing is conditional only on admission to AIM ("Admission").

Application will be made for the 56,250,000 new ordinary shares of 0.1 pence issued under the Placing, to be admitted to trading on AIM ("Admission").  Such shares will rank pari passu with all existing ordinary shares in the Company, and Admission is expected to take place on 27 January 2017.

Dr. Kerim Sener, Managing Director, commented: 

"We are pleased to be raising £900,000 at this important time in the evolution of the Company.  Following the recent acquisition of 100% of the 1 million ounce Salinbas Project and the completion of a highly encouraging scoping study at Tavsan, the funds raised will be utilised to advance these projects in particular.  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.  Completing this work while Kiziltepe is in the process of entering production, will contribute significantly towards our strategy to enhance our production profile towards 50,000 oz gold per annum."

Total voting rights

At Admission, the Company's issued share capital will consist of 897,791,783 ordinary shares with a nominal value of 0.1 pence each, with voting rights ("Ordinary Shares").  The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 897,791,783.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

 Contacts:

Editors' Notes:

About Ariana Resources:

Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey.  The Company is developing a portfolio of prospective licences originally selected on the basis of its in-house geological and remote-sensing database.

The Company's flagship assets are its Kiziltepe and Tavsan gold projects which form the Red Rabbit Gold Project.  Both contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.  This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits.  These core projects, which are separated by a distance of 75km, form part of a 50:50 Joint Venture with Proccea Construction Co.  The Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is nearing start-up.  The total resource inventory at the Red Rabbit Project and wider project area stands at c. 525,000 ounces of gold equivalent.

In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project, comprising the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects.  The total resource inventory of the Salinbas project area is c. 1 million ounces of gold equivalent.

Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

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