Small caps news round-up

Ariana Resources revealed positive drilling results from its Kepez West Project on Wednesday, following its recent drill programme in Turkey. Kepez West is located within the Red Rabbit joint venture, 12 kilometres trucking distance from the under-development processing plant at Kiziltepe. The AIM-traded firm said the results confirmed the presence of a significant near-surface mineralised system.

CloudTag raised a further £228,000 this week, through the issue of 7.6 million new ordinary shares, it announced on Wednesday. The AIM-traded health and fitness monitoring firm said the price represented a 9% premium over the mid-market closing price on 15 March.

Advertising technology company Phorm had £350,000 more cash in its pocket on Wednesday, after issuing convertible loan notes in the amount to existing shareholder Michael Bigger. In accordance with the terms of the convertible loan note instrument, interest would accrue on the unsecured loan notes at a rate of 12% per annum.

Metal Tiger exercised its option to participate in the Semenovsky Tailings Project in Russia this week, it announced, in partnership with Eurasia Mining. The AIM-traded company initially announced the opportunity on 16 November last year, at which point it paid $25,000 (£18,000) immediately to secure an option to participate in the project on equal terms with Eurasia.