Grace Quigley
Manager External Comms •
Sydney
Media release: Clayton Utz advising Ardea Resources on its $7 million equity raising
1 minute
Announced to the market today, Clayton Utz is advising Ardea Resources Limited (ASX: ARL), an ASX-listed nickel development company, on its successful placement and launch of share purchase plan (SPP) to raise approximately $7 million.
Corporate partner Mark Paganin and special counsel Scott Girdler are leading the firm's team together with lawyer Imogen Farmer.
The raising comprises a $5 million placement at $0.60 per share to professional and sophisticated investors and a SPP at $0.60 per share to raise $2 million with the ability to accept oversubscriptions. Petra Capital acted as sole lead manager and sole bookrunner to the placement.
Ardea intends to apply the proceeds of the placement and the SPP to working capital as it finalises the fully funded Kalgoorlie Nickel Project Goongarrie Hub (Goongarrrie) Definitive Feasibility Study, pre-commitment activities and assessment of the KNP Kalpini Hub.
Clayton Utz's role in advising Ardea follows the firm acting for Ardea on its strategic placement to Sumitomo Metal Mining, joint venture with a consortium consisting of Mitsubishi Corporation and Sumitomo to develop Goongarrie and the entry into a shareholders' agreement with the consortium for Goongarrie.
Ardea is an ASX-listed Australian company involved in the exploration and development of mineral resources. Ardea's major project is the Kalgoorlie Nickel Project – Goongarrie Hub, located 70km northwest of the City of Kalgoorlie-Boulder, which hosts one of the largest undeveloped nickel-cobalt resources in the world.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.