Arian Silver Corporation (“Arian Silver” or the “Company”) is pleased to announce that it has raised £600,000, before expenses, through the placing of 120 million units (“Units”) of 0.5p each (“the Placing”) through its broker Beaufort Securities Limited (“Beaufort”).
Each Unit comprises one new common share (“Placing Share”) and one new share warrant (“Warrant”), which entitles the holder to subscribe for one Share at 0.6p. 12 million Warrants will be issued to Beaufort, each at an exercise price of 0.6p. The expiry date of each Warrant will be two years from the date of admission of the Placing Shares to trading on AIM.
The Company intends to use the net proceeds of the Placing to advance exploration of its mining concessions in Zacatecas, Mexico, and specifically to seek and assess the feasibility of additional lithium acquisitions, some of which are currently being negotiated as previously announced.
Jim Williams, Chief Executive Officer of Arian Silver, commented, “The continuing support of our investors has made it possible to once again strengthen our balance sheet and puts the Company in a stronger position to progress not only our silver projects but perhaps more importantly, given the current price and demand, our lithium assets. To fully evaluate our current lithium options requires exploration methods that have not been financially viable for us, until now. We believe greater lithium concentrations occur deeper within the salars and the results so far obtained from the surface exploration are merely indicative of the presence of lithium.”
The Placing is conditional on the Shares being admitted to trading on AIM (“Admission”). Application will be made to the London Stock Exchange for the 120,000,000 Shares to be admitted to trading on AIM. Admission of the Placing Shares is expected to become effective at 8:00am on or around 9 June 2017.
Following Admission and assuming no exercise of Warrants, the Company will have 303,694,941 common shares of no par value in issue. The Company has no shares in treasury, therefore the figure of 303,694,941 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.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Arian Silver Corporation
Northland Capital Partners Limited
Beaufort Securities Limited
Yellow Jersey PR Limited