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- Ardea Resources (ARL) places its shares in a trading halt pending the release of an equity raising announcement
- The company will remain in the halt until the earlier of February 22 or when the announcement is released to the market
- On February 11, Ardea confirmed high-grade near-surface nickel-cobalt mineralisation at its Highway deposit in Western Australia
- Drilling targeted geo-metallurgical material types and grades peaked at 2.31 per cent nickel and 1.42 per cent cobalt
- Shares in Ardea last traded at 79.5 cents on February 17
Ardea Resources (ARL) has placed its shares in a trading halt pending the release of an equity raising announcement.
The company will remain in the halt until the earlier of February 22 or when the announcement is released to the market.
Ardea is yet to disclose how much it intends to raise or what it will use the funds for once they have been received.
On February 11, Ardea confirmed high-grade near-surface nickel-cobalt mineralisation at its Highway deposit in Western Australia.
Drilling targeted geo-metallurgical material types and it was designed on the back of a resource estimation feasibility program completed in the middle of last year.
Overall, grades peaked at 2.31 per cent nickel and 1.42 per cent cobalt and the results validate Ardea’s mineralisation models.
Ardea last tapped investors for cash in June 2021 when it undertook a $5.7 million share placement.
More than 10.3 million new fully-paid ordinary shares were issued to sophisticated investors and professional clients of Petra Capital at 55 cents.
Ardea stated it would use the funds to further accelerate feasibility study work at the Kalgoorlie Nickel Project.
A pre-feasibility study in 2018 recognised the project to be globally significant and readily scalable.
Shares in Ardea last traded at 79.5 cents on February 17. The company has a $110.3 million market cap.
