13 January 2012
Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it recently advised Mariana Resources Limited (“Mariana” or the “Company”), an AIM and TSX-listed exploration and development company with gold, silver and copper projects in Argentina and Chile, in relation to a strategic investment by AngloGold Ashanti Limited (through its subsidiary, AngloGold Ashanti Holdings Plc) (“AngloGold”). AngloGold subscribed for 45 million ordinary shares in the Company at a price of 12 pence per share (the “Subscription”), raising approximately £5.4 million (the “Strategic Investment”).
The £5.4 million raised by the Strategic Investment will facilitate advancement of Mariana’s 100% owned flagship Las Calandrias gold-silver project and the Sierra Blanca project (70% owned by the Company) in the Santa Cruz Province of Argentina. Mariana has committed to using at least 75% of the proceeds of the Subscription to develop its various low-sulphidation epithermal gold-silver deposits located in the Deseado Massif, Santa Cruz Province in Patagonia, Argentina.
Jan Mellmann, Head of WFW’s Natural Resources sector, led the team for WFW and was assisted by Corporate solicitor Jenny Hodges.
Jan Mellmann, Head of WFW’s Natural Resources sector comments: “This is a significant investment for Mariana and we were very pleased to have been asked to assist.”
Glen Parsons, Director of Mariana, comments: “This was an important strategic investment for Mariana. WFW, as our trusted and long term legal advisers, helped us steer the transaction through to a successful and speedy conclusion in a commercial and pragmatic manner.”