Ariana Resources' (LON:AAU) quest to increase resources in Turkey has moved on - as it unveiled new fundraising.
It has raised £770,000 through a subscription offer of around 85.6 million shares at 0.9 pence each - that's around a 12% discount on last night's closing price of 1.025p.
Institutional investor Lanstead subscribed for 21.1 million of the firm's shares, while its directors, staff and associates subscribed for around 20%. Lanstead - the group's largest shareholder - retains its near 25% stake in the firm.
The funds will be used to explore near the planned Kiziltepe mine in western Turkey, including geophysics.
Ariana managing director said: "With an initial project reaching maturity in the development curve, and revenue generation from Kiziltepe anticipated following the mine going into production, Ariana is now turning its attention to the wider Kiziltepe area.
"This is an area that has to date yielded highly encouraging exploration results.
"This recent exploration work at Kiziltepe, and the new exploration plan that we initiated in November 2013, has highlighted the potential for us to increase the current mineable resources at the Kiziltepe Sector over the next two years, focusing initially on existing exploration targets.
"This work is now our over-arching priority, as we look to enhance the overall economics of the Kiziltepe Sector, extend the mine life and thereby increase the attributable value of this asset."
Ariana added that it had also entered an equity swap agreement, which allows the mining firm to retain much of the economic interest in the Lanstead subscription shares.
Ariana shares eased 7.32% to 0.95p.