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Ardiden (ASX:ADV) - CEO & Managing Director, Rob Longley - The Market Herald
CEO & Managing Director, Rob Longley
Source: The Pick Magazine
  • Ardiden (ADV) has emerged from a trading halt after announcing it had received firm commitments to undertake a $3.5 million placement
  • More than 291 million shares will be issued to professional and sophisticated investors at a price of 1.2 cents each
  • Subject to shareholder approval, company directors intend to subscribe for more than 8.3 million shares, equating to $100,000
  • Ardiden will use the money to advance progress with drilling and exploration at its Pickle Lake Gold Project in Ontario, Canada
  • Ardiden has dropped 16.7 per cent and shares are trading for 1.5 cents each

Ardiden (ADV) has emerged from a trading halt after announcing it had received firm commitments to undertake a $3.5 million placement.

The company requested the halt on July 13, pending a capital raising announcement.

Ardiden will now issue 291,666,666 fully paid shares to professional and sophisticated investors at a price of 1.2 cents each.

This price represents a 1.55 per cent discount to the 10-day volume weighted average price, and a 33.33 per cent discount to the last trading price of 1.8 cents on June 10.

Subject to shareholder approval, company directors intend to subscribe for 8,333,333 shares ($100,000).

Ardiden will use the money to advance progress with drilling and exploration at its Pickle Lake Gold Project in Ontario, Canada.

"This is a significant milestone for Ardiden as it will soon be able to properly explore its massive, continuous landholding at Pickle Lake," CEO and Managing Director Rob Longley said.

"We will do so by applying smart exploration techniques and a systematic approach. This funding will reshape our current summer drilling program at the Kasagiminnis Gold Deposit and expand operations for drilling at Kasagiminnis and our other gold deposits and prospects at Pickle Lake," he added.

Ardiden has dropped 16.7 per cent and shares are trading for 1.5 cents each at 2:26 pm AEST.


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