Zimbabwe investors line up for piece of Ariana’s gold future

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Ariana Resources is looking to raise up to US$5 million to expand exploration at its flagship Dokwe Gold Project in ... Read More The post Zimbabwe investors line up for piece of…

Ariana calls in Zimbabwe investors to help fund the hunt for more gold at Dokwe. Pic: Getty Images

Special Report: Ariana Resources is looking to raise up to US$5 million to expand exploration at its flagship Dokwe Gold Project in Zimbabwe.

The raise will precede Ariana’s listing on Zimbabwe’s Victoria Falls Stock Exchange (VFEX).

It will give the company access to local investment capital as it approaches two major milestones: an updated mineral resource estimate before year-end and completion of technical programs for Dokwe’s definitive feasibility study in the first quarter of 2027.

The proposed placement, with a minimum subscription of US$3 million, is priced at US$0.023 per ordinary share, equivalent to approximately 33 cents per ASX-listed CDI.

That represents a 26.9% premium to Ariana’s closing price of 2.6c immediately before the prospectus was released.

Zimbabwean investment manager Dendere Asset Management has conditionally committed US$1m as a cornerstone investor at approximately 3.2c per CDI, a 23.1% premium.

The VFEX will become Ariana’s third stock exchange listing, following its admission to London’s AIM market in 2005 and the ASX in September 2025.

The placement is scheduled to close on December 2, with VFEX trading expected to begin on December 11, subject to approvals and completion conditions.

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