Ardea raises A$16m for nickel aspirations

30th August 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Nickel developer Ardea Resources has received firm commitments to raise A$16-million in a share placement to professional and sophisticated investors.

Ardea on Wednesday said it would place 22.7-million shares at a price of 70c each under the company’s existing placement capacity, with the offer price representing a 2.2% discount to its 15-day volume weighted average price.

Additionally, 90 000 shares will be placed to board members, subject to shareholder approval.

Funds raised from the placement will be used for definitive feasibility study (DFS) work at the Kalgoorlie nickel project, for critical mineral exploration, and finalising strategic partner agreements, as well as for working capital.

“We are delighted with the support for the placement, that received strong support from new and existing institutional and sophisticated investors,” said Ardea MD Andrew Penkethman.

“The company is excited to advance the scope of its DFS with the Japanese Consortium under memorandum of understanding and reach binding terms for full funding of the DFS by the end of calendar year 2023.”