Ariana Resources has raised £2m through a placing and subscription.
The group said it raised £1.87m through a placing of 133,846,154 new ordinary shares at 1.30p apiece and the remainder through a subscription of 10,030,770 new ordinary shares.
It said the net proceeds would be used, in part, for working capital support of its joint venture operating company, Zenit Madencilik San. ve Tic. AS, a 50:50 partnership between Ariana and Proccea Construction Co., prior to the Kiziltepe operation achieving commercial production.
It said the proceeds would also be directed towards the continued exploration and development of the company's portfolio of advanced assets in Turkey, including Salinbas and Tavsan.
At 8:20am: (LON:AAU) Ariana Resources PLC share price was -0.25p at 1.35p