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Mariana Resources reveals Sandstorm Gold as new investor as placement closes

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Mariana Resources reveals Sandstorm Gold as new investor as placement closes

MarianaResources Ltd. on May 4 announced the close of its previouslyflagged private placement of 330 million shares at 1.82 pence each, raising themaximum £6 million amount, and revealed Sandstorm Gold Ltd. as a new significant shareholderwith a 7.56% interest in the company.

Mariana announced the financing in April without identifying aspecific investor. The company only said a "strategic North Americanroyalty company and its consortium" had committed US$5 million to thefundraising.

The miner will also issue 1 warrant for every 2 sharessubscribed for under the placement. Each warrant will buy another share at 2.5pence each for two years.

Proceeds from the financing will mainly be used for theadvancement of the HotMaden gold-copper project in Turkey.

CEO Glen Parsons said in the statement: "We are pleasedto welcome Sandstorm as an investor following their of the Hot Maden 2% netsmelter royalty from TeckResources Ltd."