SPP raises just over $1M to allow Ardiden the rapid advance of key projects.Diversified minerals explorer and developer, Ardiden Limited (
The SPP obtained strong shareholder support with total bids in the SPP of just over $1,000,000 were received.
The highly successful SPP follows on from the strong response obtained from existing shareholders with the successful completion of the recent 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 and moving towards achieving the conditions of the Yantai Term Sheet.
The combined funds from the recent Placement and SPP will also enable Ardiden to undertake some limited Scoping Study work, in conjunction with ongoing metallurgical testwork, to prepare the Seymour Lake project to advance to the next stage of commercialisation.
Further the combined funds will allow Ardiden to complete the due diligence assessments of the Wisa Lake Lithium Project and Bold Properties Cobalt-Copper-Nickel Project. Finally, the proceeds will 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.
The Board will endeavour to accommodate as many of the more than 150 Ardiden shareholders who applied in the SPP allocation process. The Company expects to reconcile the applications and finalise the share allocations in coming days and will provide further updates shortly.
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 strategic metals company which is focused on the exploration, evaluation and development of four 100 per cent owned projects located in the established mining jurisdiction of Ontario, Canada.
Link: SPP Offer Closed