Ardea raises cash for WA cobalt exploration
PERTH (miningweekly.com) – Junior metals explorer Ardea Resources has raised A$5.5-million in a share placement to sophisticated and professional investors, to accelerate drill programmes at its KNP cobalt project, in Western Australia.
Some 7.6-million new fully paid ordinary shares would be issued under the company’s existing capacity, with the shares placed at a price of 72.5c each.
On the settlement of the share placement, Ardea will have more than A$12-million in cash, with the company saying on Friday that the exploration work planned at KNP would expedite the completion of a prefeasibility study at the project, which had previously been scheduled for 2018, while also bringing forward a definitive feasibility study.
The KNP project is currently estimated to host a mineral resource of 64.4-million tonnes, grading 0.13% cobalt and 0.77% nickel, for some 386 400 t of contained cobalt metal, making it Australia’s largest cobalt deposit.
Funds raised would also be used to employ additional technical staff and drill-out its noncore gold and base metals projects, to evaluate potential further work, joint venture or spin-out opportunities.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation