Ann: Heavily oversubscribed placement raises $5.54M, page-3

Heavily oversubscribed placement raises $5.54M

Ardea Resources is pleased to announce that it has received binding commitments for a share placement to sophisticated and professional investors to raise A$5.54 million before costs.

Patersons Securities Limited acted as Lead Manager to the placement. The placement was heavily oversubscribed.

The new shares will be issued at a price of 72.5 cents per share being the same issue price as under the Company’s recently completed share purchase plan.

Under the placement, the Company will issue 7,647,850 new fully paid ordinary shares to sophisticated and professional investors using its existing placement capacity under ASX Listing Rule 7.1. It is anticipated settlement will occur on or about 21 September 2017.1 The new shares will rank equally in all respects with existing ordinary shares in the Company.