Ardiden raises A$2.9m for Canada exploration

JOHANNESBURG (miningweekly.com) – ASX-listed Ardiden said on Friday that it was fully funded to complete the due diligence assessment at the Root Lake lithium project, in Canada, and to continue exploration activities at its other projects in the country.

The company raised A$2.88-million through a significantly oversubscribed placement of shares to key sophisticated and institutional investors in Australia and internationally. Ardiden initially aimed to raise A$2.5-million, but expanded the raising after receiving total subscriptions of over A$6-million.

The placement would consist of the issue of 90-million shares at A$0.032 a share, which represented a 15.8% discount to the last traded price of the company’s share prior to the placement starting.

Ardiden reported that it had returned “very encouraging” drilling results at the Root Lake lithium project, with the intersection of substantial spodumene-bearing pegmatite zones at the MCombe pegmatite.

The company was expecting assay results from its due diligence programme at Root Lake shortly and was in the final phase of the technical assessment. Subject to positive results, Ardiden would proceed to a detailed geological and structural mapping, trenching and sampling programme.

The explorer stated that it would also continue exploration work at the Seymour Lake lithium project, located in Ontario. The maiden drilling programme at the project identified spodumene-bearing pegmatite zones at near surface and returned lithium grades of up to 5.4%.

Ardiden entered into option agreements to acquire the lithium projects earlier this year.

The proceeds of the raising would also assist Ardiden to progress additional exploration activities at the Manitouwadge jumbo flake graphite project, in Ontario.