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Post by
RedMarson Feb 26, 2009 1:20pm
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Post# 15805596
First Stage Closing Of Share Exchange Transaction
First Stage Closing Of Share Exchange TransactionLONDON, UNITED KINGDOM, Feb 26, 2009 (MARKET WIRE
via COMTEX News Network) --ArianSilver Corporation ("Arian" or the "Company") (AIM: AGQ)(TSX VENTURE:AGQ)(PLUS: AGQ)(FRANKFURT: I3A) announces the closing of the InitialShare Issue, being the first stage of a proposed two-part shareexchange transaction with Grafton Resource Investments Ltd ("Grafton")(see Arian's press releases dated 27 January and 5 February 2009).
Underthe terms of the Initial Share Issue, Arian has issued to Grafton26,097,230 common shares at a price per common share of Cdn$0.055, fora total value of approximately Cdn$1,435,347, and Grafton has issued toArian 26,322 ordinary shares of equivalent value determined byreference to the net asset value of US$43.98 per Grafton ordinary share calculated as at the close of business on 30 January 2009.
Application has been made for the 26,097,230 Arian common shares to be admitted to trading on London's AIM on 3 March 2009.
Asa result of this transaction Grafton holds 14.9% of Arian's outstandingcommon shares (calculated as at the date hereof) and has the right tonominate a representative to the Board of Arian.
It is intendedthat the Grafton shares that Arian has received will be disposed of,largely to institutional investors, to raise cash principally forArian's San Jose Project as well as for general working capital.Grafton has agreed to facilitate and promote this fundraising process.The principals of Grafton and its associates have experience inproviding funding for junior mining and exploration companies usingthis particular type of share exchange and disposal mechanism.
The Company's capital now comprises 175,149,199 common shares of no par value each with voting rights.
Itis proposed to convene a Special Meeting of shareholders shortly toapprove the second stage of the share exchange transaction.
About the Company
....You can refer to the news release for the remainder of the message...