Africa-Press – Zimbabwe. UK-BASED miner, Ariana Resources Plc, plans to raise about US$9,77 million via a secondary listing on the Australian Securities Exchange (ASX) to help fund its Dokwe Gold Project in Zimbabwe.
The capital raise comes a few weeks after the firm revealed it needs far more than the initial US$82 million capital expenditure it had set to develop its Dokwe Gold Project, as its production potential jumped to 100 000 ounces of gold annually following further assessments.
In May, the miner revealed that further exploration of the project demonstrated the potential for over 1 million ounces of gold, translating to about US$3,29 billion in revenue using current gold prices.
The Dokwe Gold Project, located in the Tsholotsho District, 110 kilometres west and northwest of Bulawayo, was made the flagship project for Ariana last month. Apart from Zimbabwe, the miner has operations in Türkiye, Cyprus and Kosovo.
“Ariana Resources plc, the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to advise that the institutional bookbuild for its Australian Securities Exchange dual listing offer to certain eligible institutional investors in Australia and certain other jurisdictions closed at 3:30pm AEST on 28 July 2025,” Ariana said in a statement.
“The ASX offer will be a public offering of a minimum of 35 714 286 Chess Depositary Interests (CDIs) (equivalent to 357 142 860 shares) and a maximum of 53 571 429 CDIs (equivalent to 535 714 290 shares) at an issue price of AU$0,28 per CDI to raise between AU$10 000 000 and AU$15 000 000 (before costs) (ASX offer). Each CDI represents 10 underlying shares in the capital of the company.”
AIM refers to the United Kingdom-based Alternative Investment Market, a sub-market of the London Stock Exchange that was launched in 1995 to help smaller and growing companies raise capital with a more flexible regulatory system than the main market.
“The ASX offer will comprise: a) an offer open to Australian resident retail investors who receive an invitation from their broker to participate (the broker firm offer); b) an offer to certain institutional investors in Australia, New Zealand, Hong Kong, Switzerland, Singapore and the United Kingdom who have been invited by the company and/or the lead manager to participate (the Institutional Offer),” Ariana said.
“And c) an offer to those Australian resident investors who are eligible to participate, or any other person who the company reasonably believes can be offered CDIs in accordance with applicable laws without the need for any disclosure document, registration, qualification, filing or other formality (other than a registration or formality which the company is willing to comply with) (the general offer).”
NewsDay Business understands the ASX offer will be made pursuant to resolutions passed by shareholders at the annual general meeting held on July 9, on two conditions.
These are the minimum subscription requirements to reach ASX offer and the ASX granting conditional approval for the company to be admitted to the ASX official list.
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