Ardea Resources: Raises $21.5m to advance nickel sulphide assets

Ardea Resources Raises $21.5m to advance nickel sulphide assets

• Ardea Resources (ARL) receives binding commitments to raise $21.5 million through a placement to advance its nickel sulphide assets.
• The company will issue about 30.7 million new shares at a price of 70 cents each, representing an 11.9 per cent discount to the last traded price before the trading halt
• An additional 200,000 shares will be issued to the company’s board members, raising an extra $140,000, subject to shareholder approval
• The funds will mostly be used for nickel sulphide drilling, regional exploration, feasibility study programs and working capital
• Shares are trading 8.81 per cent lower today at 72.5 cents each