Ardea Resources Secures AU$5 Million Placement, Launches AU$2 Million SPP; Shares Fall 9%

MT Newswires Live

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Ardea Resources (ASX:ARL) has secured binding commitments from professional and sophisticated investors to raise around AU$5 million by issuing 8.3 million new shares at AU$0.60 each, representing a 9.1% discount to the five-day volume weighted average price, according to a Tuesday filing with the Australian bourse.

The company has also rolled out a share purchase plan for eligible shareholders in Australia and New Zealand, enabling each to apply for up to AU$30,000 at the same price as the placement, aiming to raise around AU$2 million, per the filing.

The funds will be used to support working capital as the company finalizes the fully funded Kalgoorlie nickel project's Goongarrie Hub definitive feasibility study, undertakes pre-commitment activities, and evaluates the KNP Kalpini Hub, the filing added.

The company's shares fell 9% in recent Tuesday trade.

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