South American mineral exploration company, Mariana Resources(AIM: MARL) announced that it had raised £1 million through a non-brokered placement and the exercise of options by the directors of the company.
Mariana placed approximately 8.74 million shares and 4.37 million options with eight shareholders. Each shareholder received 2 shares and one option for 20 pence. Each option can be exercised at 15 pence per share until July 1, 2010. The placing raised around £0.874 million net of expenses. The total amount raised will increase to around £1 million once some options by some of the directors.
Ray Angus, a non-executive director, participated in the placing, acquiring 300,000 shares and 150,000 options.
Mariana intends to use the funds to continue with it exploration activities in Chile and Peru.