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Re: Press Releases - Monday, October 18, 2010
Arian Silver announces a Brokered and Non-Brokered Placement to
raise approximately �3.9 million
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London, England, Arian Silver Corporation ("Arian" or the "Company")
(TSX VENTURE:AGQ) (AIM:AGQ) (PLUS:AGQ) (FRANKFURT:I3A), a silver
exploration, development and production company with a focus on
projects in the silver belt of Mexico, announces that it has appointed
Xcap Securities PLC ("Xcap"), the Company's UK broker, as Agent in
connection with a financing to raise �3,115,000 (before expenses) by
way of a brokered placement of 17,305,547 common shares of the Company
at 18p per common share. The Company also announces a concurrent
non-brokered subscription in Canada of 4,298,888 common shares of the
Company to raise �773,800 (before expenses), also at 18p per common
share (collectively the "Placement").
The Company intends to use the proceeds of the Placement to advance an
expanded core drilling programme at its San Jose Property, Zacatecas,
Mexico, for the purchase of plant and equipment and for infrastructure
improvements in relation to the contract mining and milling operation
at San Jose, as well as for general working capital and corporate
purposes.
The Company has received commitments from proposed subscribers in the
UK and Canada that will satisfy the entire Placement. The Placement is
conditional upon receipt of TSX Venture Exchange approval and admission
of the common shares to London's Alternative Investment Market (AIM)
("Admission").
Sprott Asset Management ("Sprott") an insider of the Company has
committed to subscribe, on behalf of funds it manages, for �773,800 of
common shares, being the whole non-brokered portion of the Placement.
In connection with the Placement, the Company will pay Xcap a fee of
�194,440 on Admission, to be settled in cash.
Commenting, Arian Silver CEO Jim Williams said: "Last month saw the
Company move into production at its San Jose mine and we now look
forward to working closely with our recently appointed broker in what
the Company regards as a very healthy market environment. In order to
take advantage of the rising silver price and the healthy market
conditions, the financing allows the Company to make efficiency changes
to the mill to increase silver recoveries, and commence, ahead of
schedule, a 10,000m diamond drilling programme along the extensive
strike extension of the San Jose Vein."
The anticipated participation of Sprott in the Placement would
constitute a "related party transaction" under Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101") of the Canadian Securities Administrators,
but the Company expects to be exempt from both the formal valuation and
minority shareholder approval requirements of MI 61-101 in connection
with the placement as neither the fair market value of the securities
issued, nor the consideration for such securities, in so far as it will
involve the interested party, is not expected to exceed 25% of the
Company's market capitalization as calculated pursuant to MI 61-101.
For purposes of the AIM Rules, Sprott is classified as a Substantial
Shareholder in the Company. As such, their participation in the
Placement constitutes a Related Party Transaction. The directors of
the Company, having consulted with Grant Thornton Corporate Finance,
consider the terms of Sprott's participation in the Placement to be
fair and reasonable so far as the shareholders are concerned.
Forward Looking Information:
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without
limitation, statements relating to the commitments from proposed
subscribers and the anticipated use of proceeds from the Placement) are
forward-looking statements. These forward-looking statements reflect
the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are
subject to a number of significant risks and uncertainties and other
factors that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected consequences
to, or effects on the Company. Factors that could cause actual results
or events to differ materially from current expectations include, but
are not limited to the failure to complete the Placement.
Any forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guaranteed of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
For further information please contact:
Arian Silver Corporation
Carlyle House
235-237 Vauxhall Bridge Road
London SW1V 1EJ
England
Jim Williams - CEO
(London) +44 (0)20 7963 8670 / email: jwilliams@ariansilver.com
Graham Potts -- CFO & Corporate Secretary
(London) +44 (0)20 7963 8670 / email: gpotts@ariansilver.com
Grant Thornton Corporate Finance
Gerry Beaney
(London) +44 (0)20 7383 5100 / email: gerry.d.beaney@gtuk.com
XCAP Securities PLC
John Grant / Karen Kelly
(London) +44 (0)20 7101 7070 / email: John.Grant@xcapgroup.com
Karen.Kelly@xcapgroup.com
Yellow Jersey PR Limited
Dominic Barretto
(London) +44 (0)20 8980 3545 / email: dominic@yellowjerseypr.com
CHF Investor Relations
Alison Tullis
(Canada) +1 416 868 1079 Ext. 233 / email: alison@chfir.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
and no stock exchange, securities commission or other regulatory
authority accepts responsibility for the adequacy or accuracy of this
release nor approved or disapproved of the information contained
herein.
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Copyright (c) 2010 ARIAN SILVER CORPORATION (AGQ) All rights reserved.
For more information visit our website at http://www.ariansilver.com/
or send mailto:info@ariansilver.com
Message sent on Mon Oct 18, 2010 at 5:10:47 AM Pacific Time
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Arian Silver Corporation
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PRODUCTEUR |
CODE : AGQ.V |
ISIN : VGG0472G1063 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Arian Silver est une société de production minière d'argent basée au Royaume-Uni. Arian Silver est productrice d'argent, d'or, de plomb et de zinc au Mexique, et détient divers projets d'exploration au Mexique. Son principal projet en production est SAN JOSÉ ZACATECAS au Mexique et ses principaux projets en exploration sont SAN CELSO et CALICANTO au Mexique. Arian Silver est cotée au Canada, au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 41,4 millions CA$ (39,0 millions €). La valeur de son action a atteint son plus bas niveau récent le 12 décembre 2008 à 0,03 CA$, et son plus haut niveau récent le 07 janvier 2011 à 8,90 CA$. Arian Silver possède 318 491 926 actions en circulation. |