PERTH (miningweekly.com) – Mineral explorer Ardiden has raised A$6-million through a share placement to advance its Seymour Lake lithium project, in Ontario.
The share placement would be done in two tranches, with the first tranche consisting of more than 292.3-million shares, priced at 1.3c each to raise an initial A$3.8-million.
A second tranche of around 178-million shares, also priced at 1.3c each, will raise an additional A$2.31-million, and is subject to shareholder approval.
Ardiden said on Tuesday that the issue price represented a 6.8% discount to the company’s 15-day volume-weighted average price.
MD Brad Boyle said that the significant interest and demand for the latest capital raise was a testament to what the company continued to build at Seymour Lake.
“We have complete confidence in the potential of Seymour Lake, and what the project can develop into. We took a measured approach to exploration and development, and now we are seeing the results, size and scale Seymour Lake can grow into.”
The funds raised will allow Ardiden to continue its aggressive exploration campaign and advance its Seymour Lake project, and to begin the due diligence drill programme at the Pickle Lake gold project, also in Ontario.