Ariana Resources begins trading on Australian Securities Exchange

(Alliance News) - Ariana Resources PLC on Wednesday began trading on the Official List of the Australian Securities Exchange.

The London-based mineral exploration and development firm had raised AUD11 million, or USD7.3 million, in gross proceeds under its dual listing offer, via the issue of 39.3 million chess depositary interests over the company's shares at AUD0.28 each.

Each CDI represents 10 shares in the capital of the company.

"At a time when significant growth in gold demand is forecast over the coming years - driven largely by the forces of rising economic uncertainty, inflation, and geopolitical tensions - central banks and investors are turning to gold as a safe-haven asset, pushing prices higher amid limited new supply. Our strategy is to continue our work to progress the Dokwe gold project during these positive and dynamic economic times," said Managing Director Kerim Sener.

The company noted that trading on the ASX would have no direct impact on its trading on London's AIM.

Shares in Ariana Resources were down 4.6% at 1.62 pence in London on Wednesday morning. The stock is down 14% over the past year.

Sener continued: "We believe that trading on the ASX will extend the company's shareholder base, enable wider trading and offer greater liquidity for Ariana's shares. Gold companies listed on the ASX have attracted significant investor interest of late. As such, we believe that the listing will help enable the company to achieve a more attractive valuation in respect of its major development-stage Dokwe gold project, which will benefit both our new and long-standing investors.

"At this fundamental moment in the company's history, we look forward to advancing Dokwe towards production and delivering long-term value to all stakeholders."

By Emily Parsons, Alliance News reporter

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