Ariana Resources PLC raised £1.1 million from placing and subscription on Wednesday to support the Dokwe gold project.
The AIM-listed mineral exploration and development company, with gold project interests in Africa and Europe said funds were to be raised through a placing, subscription and retail offer.
It raised £700,000 from the placing at 1.5 pence per share. The company raised £347,000 through a direct subscription at the same price.
Shares in the company closed down 18% to 1.44 pence each in London on Wednesday.
Ariana Resources also announced a retail offer to raise up to £300,000.
Net proceeds from the fundraise will be used to provide working capital and funds to complete some desktop and fieldwork support for the ongoing feasibility study at the Dokwe project.
Ariana Resources Managing Director Kerim Sener said: ‘This placing is designed to enable us to complete the initial technical work on the Dokwe gold project feasibility study to showcase a revised ore reserve and to establish the basis for further project development. We are excited to advance Dokwe through its feasibility study over the remainder of this year, as this represents the most significant development asset in our advanced portfolio.’
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