Arian Silver raises £700K through share placement

28th Apr 2016 17:13

(ShareCast News) - Arian Silver Corp.'s shares fell on Thursday after the company announced a £700,000 fundraiser to boost its balance sheet and fund projects.The company placed 70 million new common shares at 1p each, with the proceeds to be used for advancing the exploration of its mining concessions in Zacatecas, Mexico. Arian said the funds raised will also be used in connection with its option agreement with Tierra Neuva Mineria to evaluate its portfolio of assets."The continuing support of our investors has made it possible to further strengthen our balance sheet and puts us in a stronger position to progress prospective mining opportunities in Mexico," said chief executive Jim Williamson."This coincides with signs of strengthening for the metal markets, which I believe will be sustained for the foreseeable future."Shares fell 2.98% to 1.14p at 1713 BST.