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Mariana Resources to raise up to £6M, secures new strategic investor

Mariana ResourcesLtd. on April 26 announced a private placement of up to 330 millionshares. It is raising at least £4 million and could potentially increase the amountto £6 million.

The group said a "strategic North American royalty companyand its consortium" have committed US$5 million to the fundraising — makingup the bulk of the commitments it has already received for the placing it claimedstands at in excess of the £4 million minimum.

Mariana will also issue one warrant for every two subscriptionshares. Each warrant will buy another share at 2.5 pence each for two years.

The exact issue price was not specified, other than that theprice will be based on the April 22 London closing price of 1.82 pence. Closingof the placement is expected for the end of the May 4 trading session.

Most of the news funds are going toward advancing the gold-copper projectin Turkey to a preliminary economic assessment and ultimately a feasibility study.