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Arian Silver Draws Down Funds

Arian Silver (LON:AGQ CVE:AGQ) has drawn down £262,000 of its £5mln standby equity distribution agreement (SEDA).

Under the terms of the SEDA, which is provided by YA Global Master SPV, the company has allotted 2.49mln common shares to YA at a price of 10.5085p per share.

The proceeds will contribute to working capital and other costs in the short-term, facilitating the acquisition of the El Bote mill, as announced on 15 March 2013.

The acquisition of the mill is a strategic milestone for Arian as it could treble the output of the company's San Jose mine in Zacatecas, Mexico, once the mill is disassembled at its current location and rebuilt on site at San Jose.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.