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Ardiden Ltd (ASX:ADV) has jumped +55% as it hits the bourse with a new and improved corporate structure now that it’s undertaken a “transformational” merger with Lac Gold, a private Quebec-based entity also in the game of gold mining.
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It’s the best run ADV stock has had in more than two years, even after gold prices pulled back slightly overnight following news of an Israeli-Hamas peace deal (that seems most probably fated not to actually occur).
As part of a share sale deal, Lac has taken a stake in ADV, holding 101 million shares in the latter. Ardiden, in turn, will raise $10 million at 20cps, a price the stock has already run well past on Friday trades.
ADV’s existing Canadian gold project, Pickle Lake, will now add to the merged Australian company’s overall portfolio, which also includes the Rouyn Project, which boasts a 1.66Moz resource as-is. Here, Ardiden suggested on Friday that the project offers the potential for ‘staged growth.’
“Rouyn adds a high-quality resource in Québec’s world-class Cadillac Break, complementing the scale and potential of Pickle Lake in Ontario,” ADV Chair Michelle Roth said.
“Together, we are creating a well-funded Canadian gold explorer and developer with a strong leadership team, a balanced portfolio, and a clear path to unlocking long-term value for our shareholders.”
ADV last traded at 29.5cps.
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