Ariana Resources plc (LSE:AAU), a company focused on gold exploration and development, has finalized the institutional bookbuild process ahead of its proposed dual listing on the Australian Securities Exchange (ASX), according to an announcement released on Monday.
The upcoming ASX offering will involve the issuance of between 35.7 million and 53.6 million Chess Depositary Interests (CDIs), priced at A$0.28 per CDI. The company expects to raise between A$10 million and A$15 million before expenses. Each CDI will represent 10 ordinary shares in Ariana Resources.
The offering is structured to include several components: a Broker Firm Offer aimed at Australian retail investors, an Institutional Offer available to investors in Australia, New Zealand, Hong Kong, Singapore, Switzerland, and the UK, and a General Offer for eligible Australian residents.
Shaw and Partners Limited has been appointed as Lead Manager for the ASX offering, with Leeuwin Wealth Pty. Ltd. joining as Co-Manager.
Ariana is planning to lodge a formal prospectus with the Australian Securities and Investments Commission (ASIC) on July 29. Subject to regulatory approvals and minimum subscription thresholds being met, the company anticipates that trading on the ASX under the ticker “AA2” will commence around September 15.
This dual listing initiative received the green light from shareholders during the company’s Annual General Meeting held on July 9. It remains subject to final approval from the ASX.
Ariana Resources holds a diversified portfolio of gold and copper-gold assets, including a major development project in Zimbabwe, operational gold production in Türkiye, and ongoing exploration and development ventures in Cyprus and Kosovo.
This update is based on a press release issued by the company on Monday.
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