Ardiden raises $600,000 following strong support from existing Ardiden shareholders with SPP to raise additional funds to advance Canadian resource projects
Ardidens Successful Capital Raising
Perth, June 5, 2017 AEST (ABN Newswire) - Diversified minerals explorer and developer, Ardiden Limited (
ASX:ADV) is pleased to announce that it has raised A$600,000 through a share placement to key sophisticated investors in Australia (the "Placement"), with strong support received from existing major shareholders.
HIGHLIGHTS:
- $600,000 raised via share placement to existing major shareholders.
- Ardiden also plans to launch a Share Purchase Plan to raise additional funds.
- Funds to be used to accelerate the current resource drilling program at the North Aubry prospect, part of its Seymour Lake Lithium Project in Canada.
- Funds will assist Ardiden to continue the assessment of the newly-optioned Wisa Lake Lithium Project and Bold Properties Cobalt-Copper- Nickel Project in Ontario, Canada.
- The proceeds will also be utilised to progress exploration activities at Ardiden's 100%-owned Manitouwadge Jumbo Flake Graphite Project and to provide general working capital.
The Company was pleased with the level of demand for the Placement from both existing and new investors, including Ardiden Board members, who subject to receiving shareholder approval, have participated in the Placement.
With the completion of the Placement, Ardiden is now fully-funded to continue to rapidly progress the maiden JORC 2012 Mineral Resource drilling program at its majority-owned Seymour Lake Lithium Project in Canada.
Ardiden is also pleased to announce that it will offer existing shareholders the opportunity to participate in a Share Purchase Plan ("SPP") to raise additional funds for the continued advancement of the Company's projects.
The SPP will provide the opportunity for Ardiden shareholders to subscribe for new shares in the Company at the same price as the Placement.
The funds will enable Ardiden to fast-track the due diligence assessments of the newly-optioned Wisa Lake Lithium Project and Bold Properties Cobalt-Copper-Nickel Project, both located in Ontario, Canada.
The proceeds of the Placement will also be used to progress ongoing exploration activities at the Company's Manitouwadge Jumbo Flake Graphite Project, also located in Ontario, Canada and to provide general working capital.
A total of A$600,000 was raised through the Placement, comprising 40 million shares at an issue price of A$0.015 per share. The issue price represents an 11.8% discount to the last traded price of Ardiden's shares prior to the Placement commencing. Details of the SPP will provided in a subsequent announcement.
With the continued strong drill results being delivered from the Seymour Lake Lithium Project, Ardiden is looking forward to completing the Phase 2 drilling program and establishing a maiden JORC 2012 Mineral Resource, and is hopeful of achieving continued exploration success at the Company's other projects.
The Company looks forward to providing further exploration updates as they come to hand.
About Ardiden Ltd
Ardiden Limited (ASX:ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.
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