LONDON (Alliance News) - Arian Silver Corp on Thursday said it raised GBP700,000 by placing 70 million units, each equivalent to one new share plus half of a warrant entitling holders to subscribe for one new share at 1.5 pence.
The money will be used to advance exploration of the company's mining concessions in Zacatecas, Mexico, Arian said in a statement, specifically in connection with its option agreement to evaluate assets held by Tierra Neuva Mineria.
In addition, Arian said it continues to evaluate "other properties" unrelated to Tierra Neuva Mineria, and will report on any relevant developments in due course.
"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," Chief Executive Officer Jim Williams said in a statement.
The new warrants expire on April 28, 2019.
Shares in Arian were down 11% at 1.04 pence Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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