/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
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TSX Venture Exchange
Trading Symbol: ARC
VANCOUVER, March 24, 2014 /CNW/ - Arian Resources
Corp. ("Arian") - ARC: TSX-V. Mr. Zahir (Zip) Dhanani,
CEO of Arian, is pleased to announce, Arian has closed the first
tranche of its previously announced non-brokered private placement
(news release dated January 30, 2014,
February 3, 2014 and February 7, 2014).
The first tranche of the private placement
consisted of the issuance of 18,506,666 units (the "Units") at a
price of $0.15 per Unit for gross
proceeds of $2,766,000 (the "First
Tranche"). Each Unit consists of one common share of the Company (a
"Share") and one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant entitles the holder to purchase one
additional common share of the Company at a price of $0.25 until March
21st, 2016.
Each warrant is subject to accelerated expiry
provisions such that if at any time after the expiry of any resale
restriction governing the subscribed shares, the corporation's
common shares trade on the TSX Venture Exchange at or above a
volume-weighted average trading price of 40
cents per common share for 10 consecutive trading days, the
company may give notice to the holders that each warrant will
expire 30 days from the date of providing such notice.
In connection with the First Tranche, the
Company paid certain finder's fees: a cash commission totalling
$3,600, 655,400 common shares (the
"Finder's Shares), and 679,400 purchase warrants (the "Finder's
Warrants"). Each Finder's Warrant entitles the holder to purchase
one additional common share at a price of $0.25 until March
21st, 2016.
The securities issued under the First Tranche
are subject to a hold period expiring on July 21st, 2014.
The first tranche of the private placement
consisted of 46 placees, two of which are from Arian's Advisory
Board, Mossadiq Umedaly and Kombiz
Eghdami who subscribed for 600,000 units and 200,000 units
respectively offered in the private placement.
The net proceeds of the First Tranche will be
applied to the Company's Albanian properties, general working
capital and for new acquisitions.
The Company also announces that it has granted
to directors, officers, consultants, and management of the Company,
stock options (the "Options") to purchase a total of 1,800,000
common shares at a price of $0.20 per
common share. The Options are exercisable for a period of 5 years
ending March 21st, 2019
and have been granted in accordance with the terms of the Company's
current stock option plan.
ON BEHALF OF THE BOARD OF DIRECTORS
Zahir Dhanani,
CEO
About Arian Resources Corp.
Arian Resources Corp. is a junior mineral
exploration company with a focus on the exploration of prospective
gold properties in Albania.
This news release may contain forward-looking
statements including but not limited to comments regarding the
closing of the transaction contemplated by closing of the
financing. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements and Arian undertakes no obligation
to update such statements, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Arian Resources Corp.
