News & Insights

Mineral explorer Ardea Resources kicks off cash call

Oct 16, 2020

ASX-listed mineral explorer Ardea Resources has launched a placement and share purchase plan to finance gold exploration activities at its Western Australian projects.

Mineral explorer Ardea Resources has launched a capital raising to fund its gold exploration activities.  Louie Douvis

The company had tapped MST Financial and advisory outfit amicaa as joint lead managers and bookrunners on the $5.5 million offer.

The placement was pegged to raise $3 million and the share purchase plan would snare the balance, according to terms sent to funds on Wednesday.

The offer was priced at 47¢, which represented a 12.1 per cent discount to Ardea's last close and a 12 per cent discount to the 10-day VWAP.

Funds were told the money raised would go towards Ardea's gold exploration and appraisal program, and would include financing things like drilling and metallurgical testing.

The $63 million Ardea's gold projects are located near Kalgoorlie, in southern WA.