Ardiden soars on Canadian deal
PERTH (miningweekly.com) – The share price of junior Ardiden spiked by more than 42% on Wednesday after the company announced that it had entered into an option to acquire the Seymour Lake lithium/beryllium/tantalum project, in Ontario.
Under the terms of the agreement, Ardiden would pay an exclusivity deposit of C$75 000 on the signing of the agreement, which would allow for a 150-day option and due-diligence period.
At the end of this period, a further C$75 000 in cash and C$250 000 in Ardiden equity would be payable to keep the option. If Ardiden wished to continue with the option, the vendor would be paid a further C$350 000 in quarterly instalments of C$25 000 each.
A further C$250 000 worth of Ardiden shares would also be issued on the completion of the option agreement for a total compensation of C$1-million.
The Seymour Lake project comprises five patented mining claims covering some 912 ha, and is considered to have significant potential to provide high-quality product to service the growing North American and export markets.
Ardiden told shareholders on Wednesday that the transaction was consistent with the company’s strategy of acquiring commodity projects with exposure to structural and transformational change, as well as outstanding market fundamentals in Tier 1 mining jurisdictions.
Along with its existing Manitouwadge graphite project, also in Ontario, the Seymour Lake acquisition would position Ardiden as a potential supplier of both key ingredients to manufacture lithium-ion batteries.
Ardiden shares closed at a high of 2.4c each, up from an opening price of 1.7c each.
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