LONDON (Alliance News) - Arian Silver Corp on Wednesday said it has raised GBP750,000 through a share placing and a further GBP47,875 through a subscription with directors and employees.
Arian issued 75.0 million shares at 1.00 pence per share under the placing, run by Beaufort Securities. Shares in the firm closed down 24% to 1.90p on Wednesday.
In addition, the company raised GBP47,875 through a subscription with its directors and employees, also priced at 1.00p per share.
Pursuant to the placing, Chief Executive Jim Williams bought 1.0 million shares, taking his placing up to 1.5 million shares in total. Chairman Tony Williams bought 1.7 million shares, his first holding.
Also participating were independent non-executive director Tom Bailey, who bought 1.3 million shares, also his first holding, while fellow independent non-executive James Crombie bought 416,665 shares, taking his holding to 566,665 shares.
Arian said it plans to use the proceeds to back the development of its mining concessions in Zacatecas in Mexico and for general corporate purposes.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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