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.