Ardiden secures $1.25M to fund drilling and exploration programs targeting extensions and additions to its Phase 1 JORC Lithium Resource at Seymour LakeDiversified minerals explorer and developer Ardiden Limited (
- $1,250,000 raised through an oversubscribed share placement to key sophisticated and institutional investors in Australia and internationally.
- Ardiden's Chinese strategic partner, Yantai, is participating in the Placement, along with the entire Ardiden Limited Board.
- Funds will assist Ardiden to continue the rapid development the Seymour Lake Lithium Project with further resource expansion drilling and exploration programs.
The Placement, comprising just over 78 million shares at an issue price of A$0.016 per share, was strongly supported with significant oversubscriptions received. Ardiden was very pleased with the high level of investor demand for the Placement. The Placement will be issued under the Company's existing LR7.1 15% capacity.
Ardiden is also pleased to confirm that, subject to receiving future shareholder approval, the entire Ardiden Board of Directors have participated in the Placement.
In addition, Ardiden's Chinese strategic partner, Yantai Jinyuan Mining Machinery Co., Ltd ("Yantai"), also participated in the Placement, reflecting Yantai's continuing support for the Company.
Participants in the placement will also receive free attaching options, with 1 option to be issued for every 5 shares purchased.
Ardiden will issue approximately 15.6M unlisted options in the placement. Each option will entitle the holder the right to acquire one fully-paid ordinary share in the Company at an exercise price of A$0.016 cents. The options are non-transferable and will expire 12 months from the issue date.
As a result of this Placement, Ardiden is now funded to continue with the resource expansion drilling program at the Seymour Lake Lithium Project, with a particular focus on the Aubry prospect areas, where it has already confirmed the potential for multiple high-grade spodumene-bearing pegmatite zones that express at or near surface. The remaining funds will be used for general working capital.
An Appendix 3B New Issues Announcement and a Cleansing Statement will be released to the market in due course. The Company looks forward to providing further exploration updates as they come to hand.
THIS ANNOUNCEMENT EFFECTIVELY CEASES THE TRADING HALT REQUESTED BY THE COMPANY ON 16 NOVEMBER 2017. THE COMPANY IS NOT AWARE OF ANY REASON WHY THE ASX WOULD NOT ALLOW TRADING TO RECOMMENCE IMMEDIATELY.
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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.