PERTH (miningweekly.com) – Junior Ardea Resources has received commitments to raise A$3.5-million through a share placement priced at 47c a share, to fund exploration work.
The company will place more than 7.44-million shares under its existing placement capacity, to sophisticated and professional investors.
Ardea on Friday said that it would also undertake a share purchase plan (SPP), allowing shareholders to partake in the capital raise. The SPP is expected to raise up to A$2.5-million, with the shares also priced at 47c each.
“Ardea is pleased with the strong support shown in the placement and welcomes new sophisticated and professional investors to the company. The proceeds of the placement ensure Ardea is well funded to maintain momentum on drilling out its emerging gold discoveries on the Bardoc Tectonic Zone,” said Ardea MD Andrew Penketham.
“We have a reverse circulation rig currently drilling on our emerging gold discovery in the Aphrodite North area and a second rig booked to arrive on site in late September. The second rig will test another four gold targets, starting with follow-up on the promising start to exploration at Lady Charlotte.”