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VANCOUVER, British Columbia, Feb. 3, 2014 /PRNewswire/ -- Arian Resources Corp. ("Arian" or "Company") - ARC: TSX-V. Frankfurt: 0GT1
Mr. Zahir (Zip) Dhanani, CEO and Chairman of Arian, is pleased to announce that the Company will increase the size of the previously announced private placement (the "Offering") on January 30, 2014 and anticipates raising an additional $2,100,000, through the issuance of 14,000,000 units. The units will be issued on the same terms as those previously announced at a price of $0.15 per unit, with each unit comprised of one common share and one share purchase warrant. Each share purchase warrant (a "Warrant") entitles the holder to acquire one additional common share for a period of two years at a price of $0.25.
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 Offering, subject to regulatory approval, the Company will pay certain eligible finders finder's fee for units sold in the Offering, at the discretion of Arian.
Proceeds of the placement will be applied to the Company's Albanian properties and to general working capital.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law. The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Zahir ( Zip ) Dhanani, President & CEO
About Arian Resources Corp.
Arian Resources Corp. is a junior exploration company with a focus on the exploration of prospective mineral properties in Albania.
This news release may contain forward-looking statements including but not limited to comments regarding Arian's plans for its financing activities. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Arian undertakes no obligation to update such statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Image with caption: "Arian Resources Logo (CNW Group/Arian Resources Corp.)". Image available at: http://photos.newswire.ca/images/download/20140203_C7037_PHOTO_EN_36166.jpg
For further information:
Zahir Dhanani at 604.248.5175 or via email at email@example.com
SOURCE Arian Resources Corp.