Arian Silver announces £0.6m fundraise

Arian Silver Corporation raised £0.6m before expenses, it announced on Thursday, though the placing of 120 million units of 0.5p each.

The AIM-traded company said each unit comprised one new common share and one new share warrant, which entitled the holder to subscribe for one new common share at a price of 0.6p.

It said 12 million warrants would be issues to its broker, Beaufort Securities, at an exercise price of 0.6p, with the expiry date of each warrant being two years from the date of admission of the placing shares to trading on AIM.

The company said it intended to use the proceeds of the placing to further advance exploration of its mining concessions in Zacatecas, Mexico, and specifically to further seek and assess the prospect of acquiring additional lithium projects, some of which were currently being negotiated, as previously stated.

“This additional capital can be immediately deployed to extend the exploration of the three lithium projects over which we have an option to acquire, and also to seek additional projects in the vicinity which we believe could host significant deposits of lithium,” said chief executive Jim Williams.