UNITED Kingdom-based miner, Ariana Resources Plc (Ariana) has raised AU$11 million (US$7,14 million) ahead of its planned Australian Securities Exchange (ASX) debut next month, with proceeds earmarked for its flagship Dokwe Gold Project in Zimbabwe.
This comes a few weeks after the firm revealed it will now need far more than the initial US$82 million capex it set to develop its Dokwe Gold Project, as its production potential jumped to 100 000 ounces of gold annually following further assessments.
As previously reported, in May, the miner revealed that further exploration of the project demonstrated the potential for over one million ounces of gold, translating to potentially US$3,29 billion in revenue using current gold prices.
The Dokwe Gold Project, located in the Tsholotsho district, 110km northwest of Bulawayo, was made the flagship project for Ariana last month as apart from Zimbabwe, the miner has operations in Türkiye, Cyprus and Kosovo.
“Ariana Resources plc, the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to advise that it has raised AUD11 million in gross proceeds under its Australian Securities Exchange (ASX) dual listing offer (ASX offer) which closed at 5pm AEST on August 14, 2025,” Ariana said in a statement.
“The ASX offer, to raise between AUD10-15 million (US$6,48 million to US$9,77 million) at a price of AUD0,28 per CDI (CHESS Depositary Interest), was open to eligible investors in Australia and certain other jurisdictions. Each CDI represents 10 underlying ordinary shares in the capital of the company.”
Ariana said the company was pleased to announce the capital raise.
“Accordingly, the company will issue 39 285 714 CDIs under the ASX Offer. An additional 157 062 CDIs will be issued under the separate ‘director offer’ under the prospectus in connection with the ASX Offer,” Ariana said.
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On the ASX, a CDI is a unit of beneficial ownership in a foreign company’s financial product, such as shares, that is listed and traded on the ASX.
CDIs allow Australian investors to buy shares in foreign companies that otherwise might be difficult to trade or settle on the CHESS system due to differences in legal systems.
“The issue of the CDIs will represent 394 427 760 new ordinary shares of 0,1 pence each in the capital of the company (New Ordinary Shares) at an effective price of 1,34p (based on an exchange rate of £1,00=AUD2,07) per new ordinary share which on issue will represent approximately 16,87% of the enlarged issued share capital of the company,” Ariana said.
“Application will be made for the new ordinary shares which on issue will rank pari passu [side by side; at the same rate or on an equal footing] in all respects with the existing ordinary shares in issue to be admitted to trading on AIM (admission) and admission is expected to become effective on or around September 15, 2025.”
Upon admission, Ariana’s issued ordinary share capital will consist of 2 338 378 041 ordinary shares (including ordinary shares underlying the CDIs) with one voting right each.
“The company does not hold any ordinary shares in treasury. Therefore, from admission, the total number of ordinary shares (including ordinary shares underlying the CDIs) and voting rights in the company will be 2 338 378 041,” Ariana said.
“With effect from admission, this figure may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the FCA’s [Financial Conduct Authority’ Disclosure Guidance and Transparency Rules.”
Ariana is currently working towards completing the outstanding ASX conditions ahead of its listing next month.
