ARC Arian to increase private placement by $1.05-million
2014-02-07 08:17 MT - News Release
Mr. Zahir Dhanani reports
ARIAN INCREASES SIZE OF PRIVATE PLACEMENT FOR 2nd TIME
Arian Resources Corp. will again increase the size of the previously announced private placement on Jan. 30, 2014, and Feb. 3, 2014, by anticipating to raise an additional $1.05-million through the issuance of seven million units in addition to the increase previously mentioned on Feb. 3, 2014. The increase will bring the total anticipated Offering to $5,550,000 through the total issuance of 37,000,000 units. The units will be issued on the same terms as the two previously announced at a price of $0.15 per unit, with each unit comprised of one common share and one share purchase warrant. Each share purchase warrant (a "Warrant") entitles the holder to acquire one additional common share for a period of two years at a price of $0.25.
Each warrant is subject to accelerated expiry provisions such that if at any time after the expiry of any resale restriction governing the subscribed shares, the corporation's common shares trade on the TSX Venture Exchange at or above a volume-weighted average trading price of 40 cents per common share for 10 consecutive trading days, the company may give notice to the holders that each warrant will expire 30 days from the date of providing such notice.
Zahir (Zip) Dhanani, President and CEO of Arian, comments: "We are delighted from the support of investors on the current financing. This support will allow Arian to build on current and future relationships we have built with our partners and continue to expand our interests in Albania and the Balkan region."
In connection with the Offering, subject to regulatory approval, the Company will pay certain eligible finders finder's fee for units sold in the Offering, at the discretion of Arian.
Proceeds of the placement will be applied to the Company's Albanian properties, general working capital and for new acquisitions.
We seek Safe Harbor. |
