PERTH (miningweekly.com) – The spin-off of ASX-listed Heron Resources, Ardea Resources, has lodged a prospectus with the Australian Securities and Investment Commission for a proposed initial public offering (IPO) of up to 30-million shares at an issue price of 20c each.
The IPO will include a priority offer to existing Heron shareholders, and is expected to raise some A$6-million before costs.
The prospectus also includes an offer by Heron for the sale of up to 5.4-million shares under a sale facility.
Heron in August announced plans to spin-out its gold/nickel assets, as the company restructured its non-Woodlawn assets in New South Wales and Western Australia.
Ardea’s development focus will be the Lewis Ponds gold/zinc project in central New South Wales, and its exploration focus will be the Mt Zephyr and the Bardoc Tectonic Zone gold projects in the Eastern Goldfields of Western Australia.
Edited by: Creamer Media Reporter
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