Mr. Rasool Mohammad reports
ARYA RESOURCES DOUBLES DRILLING PROGRAM AT WEDGE LAKE GOLD PROJECT, SASKATCHEWAN, FOLLOWING POSITIVE EXPLORATION RESULTS
Arya Resources Ltd. has expanded its current drilling program in response to the promising results of its continuing exploration efforts. Following the positive progress of the current program, the company intends to increase the total number of drill holes to 20, aiming to further assess and delineate the mineral potential at its property.
The decision to expand the drill program comes after careful evaluation of recent exploration data, which has confirmed the potential for further discovery and expansion. Arya Resources is excited to advance its exploration efforts with the goal of unlocking additional value for shareholders and further solidifying the company's position within the industry.
Financing initiatives
To finance the expansion of the drill program, as well as continuing exploration activities, Arya Resources is announcing two concurrent financing initiatives designed to raise a total of $1.2-million:
- Flow-through financing: The company will offer flow-through shares to raise $600,000. The shares will be priced at 40 cents per share. This flow-through financing is being structured to allow investors to benefit from tax deductions related to Canadian exploration expenses, while enabling the company to accelerate its exploration and development activities.
- Non-flow-through financing: Additionally, Arya Resources will be offering non-flow-through shares for gross proceeds of $600,000. These shares will be priced at 30 cents per share. The non-flow-through financing will provide the company with general working capital necessary to finance corporate operations while it continues advancing its exploration programs, including the expanded drill campaign.
Both offerings are subject to the approval of the TSX Venture Exchange and other customary closing conditions.
Use of proceeds
Proceeds from the financings will be directed toward financing the expanded drilling program, geological studies and general working capital. The company intends to continue its aggressive exploration activities to better define its assets and explore the full potential of its property.
"We are encouraged by the progress of our current drilling program and the potential it is beginning to demonstrate. The expanded drill program, supported by this financing, will allow us to continue advancing this important phase of exploration," said Rasool Mohammad, chief executive officer of Arya Resources. "These financings provide the capital required to move our plans forward in a disciplined manner and position the company to build long-term value for shareholders."
"We're very excited to extend the drilling program based on the recent work that Rasool and the team have achieved," said Peter Deacon, director of Arya Resources. "These next holes will give us a better understanding of the mineralization on our gold property."
About Arya Resources Ltd.
Arya Resources is a Canadian mineral exploration company focused on the acquisition, exploration and development of precious and critical metal projects in Saskatchewan. The company is advancing its flagship Wedge Lake gold project and its Dunlop nickel-copper-cobalt project, both strategically located in mining-friendly jurisdictions with excellent infrastructure. As a Tier 2 issuer on the TSX Venture Exchange, Arya is committed to building shareholder value through strategic acquisitions, targeted exploration and sustainable development.
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