Arian Resources Corp. (TSX-V:ARC) Mr. Zahir (Zip) Dhanani, CEO of Arian, is pleased to announce, Arian has closed the first tranche of its previously announced non-brokered private placement.
The first tranche of the private placement consisted of the issuance of 18,506,666 units at a price of $0.15 per Unit for gross proceeds of $2,766,000. Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.25 until March 21st, 2016.
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.
In connection with the First Tranche, the Company paid certain finder’s fees: a cash commission totalling $3,600, 655,400 common shares and 679,400 purchase warrants. Each Finder’s Warrant entitles the holder to purchase one additional common share at a price of $0.25 until March 21st, 2016.
The securities issued under the First Tranche are subject to a hold period expiring on July 21st, 2014.
The first tranche of the private placement consisted of 46 placees, two of which are from Arian’s Advisory Board, Mossadiq Umedaly and Kombiz Eghdami who subscribed for 600,000 units and 200,000 units respectively offered in the private placement.
The net proceeds of the First Tranche will be applied to the Company’s Albanian properties, general working capital and for new acquisitions.
The Company also announces that it has granted to directors, officers, consultants, and management of the Company, stock options to purchase a total of 1,800,000 common shares at a price of $0.20 per common share. The Options are exercisable for a period of 5 years ending March 21st, 2019 and have been granted in accordance with the terms of the Company’s current stock option plan.
About Arian Resources Corp.
Arian Resources Corp. is a junior mineral exploration company with a focus on the exploration of prospective gold properties in Albania.
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