Mariana Resources Raises GBP6 Million Via Private Placement

By Alex MacDonald

LONDON--Metals miner Mariana Resources Ltd.(MARL.LN) said Wednesday it has raised GBP6 million ($8.7 million) from a private placement of shares to fund the development of its Hot Maden gold-copper project in north-east Turkey.

The dual U.K. and Canada-listed miner with projects in Turkey and South America, said it issued 330 million shares at 1.82 pence a share alongside one warrant for every two shares subscribed. Each warrant is exercisable over a two-year period at 2.5 pence a share.

Mariana expects the new shares to start trading in London on May 11. Mining investment firm Sandstorm Gold Ltd. (SAND) became a 7.56% shareholder in Mariana by taking part in the private placement following its recent purchase of a 2% net smelter royalty in the Hot Maden project from Teck Resources Ltd. (TCK).

"This investment in Mariana is a great vote of confidence for the asset and our team," said Mariana Chief Executive Glen Parsons.

-Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

May 04, 2016 03:47 ET (07:47 GMT)

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