Ariana Resources plc has announced plans to undertake a private placement of ordinary shares to selected eligible institutional and qualifying retail investors in Zimbabwe, followed by a direct secondary equity listing on the Victoria Falls Stock Exchange (VFEX). The move aims to provide Zimbabwean investors with direct access to participate in the company’s growth strategy and the potential future success of the Dokwe Gold Project, a flagship development asset in Zimbabwe.
The private placement will offer up to 221,343,874 ordinary shares at a subscription price of US$0.023 per share, with a minimum subscription requirement of US$3,000,000. Dendere, a cornerstone investor, has committed US$1,000,000, with an option to subscribe for an additional US$1,000,000.
The secondary listing will facilitate trading of Ariana’s ordinary shares on VFEX, alongside existing listings on AIM (ticker AAU) and ASX (in CDI form, ticker AA2). The company will maintain a Zimbabwe branch register, ensuring shareholders hold the same legal, beneficial, and economic rights as those on the principal UK register.
The net proceeds will fund a two-year exploration and project development programme for the Dokwe Gold Project, including resource extension drilling, target generation, and exploration and sterilisation drilling.
The proposed secondary listing on the Victoria Falls Stock Exchange (VFEX) is expected to bring numerous benefits. It will provide Zimbabwean institutional and retail investors with direct access to participate in Ariana Resources’ growth strategy and the potential future success of the Dokwe Gold Project, promoting financial inclusivity and broadening the company’s shareholder base. Local investors will be able to participate in the upside from a high-quality, locally based gold development project alongside an established international investor base, enhancing shareholder spread and supporting market liquidity for ordinary shares.
The listing will also support the continued development of the Dokwe Gold Project, strengthen foreign investor confidence, and attract global investment flows, ultimately enhancing the attractiveness of Zimbabwe’s capital markets and supporting the country’s broader mining sector development objectives. Zimbabwean investors will gain access to a company listed on multiple international exchanges (AIM and ASX), offering portfolio diversification opportunities and direct exposure to Ariana’s diversified portfolio of mining and exploration assets in international jurisdictions, including Türkiye, Kosovo, and Cyprus.
This development aligns with Zimbabwe’s efforts to boost its capital markets and attract investment, offering local investors portfolio diversification opportunities and access to Ariana’s diversified portfolio of mining and exploration assets.
