Small caps round-up: Arian, eServGlobal. North River Resources

25th Oct 2010 11:40

Arian Silver, a silver exploration, development and production company with a focus on projects in the silver belt of Mexico, has raised £3.89m through the placing of 21.6m shares at 18p each. The funds will be used to finance the drilling programme at its San Jose mine. Mobile phone billing software outfit eServGlobal has made up its mind what to do with the surplus cash it now has since it sold off its USP business to database software giant Oracle in May for AU$107m, and it has plumped for a return of capital to shareholders.Subject to shareholder approval, the company intends to return AU$0.33 per share in cash to shareholders. In total, AU$65m will be returned to shareholders.Southern African multi-commodity resource company North River Resources saw its shares surge on Monday after it provided an update on operations from its portfolio of assets in Namibia and Mozambique.The company is evaluating the possibility of joint venturing its Mozambique assets and is in discussions with three parties. As for its Namibian projects, it said a desk based target generation exercise has yielded a number of targets at Ubib, which are now being ground tested, while the Namib lead/zinc mine has been made safe for underground exploration works which will commence later this quarter. At Witvlei/Dordabis, a data review and assessment is underway with a view to recommending future steps for development"We believe that we have established a strong position in Namibia with three active exploration project areas ramping up and applications for new acreage submitted to Ministry of Mines & Energy for approval," said North River Resources chairman David Steinepreis.