I have been in touch with ARL and I believe the IPO is making progress and taking shape and ARL holders should benefit from free shares (equivalent to a dividend) with holders getting a priority to purchase more shares as has been the case in the past.
Ardea controls a suite of highly-prospective tenements in NSW within the Lachlan Fold Belt which hosts multiple bulk-tonnage deposits such as Northparkes, Cadia-Ridgeway and Cowal.
Multiple gold targets generated for Copper Hill East. GIS targets at Wiseman's Creek have had initial sampling completed, returning up to 38g/t gold and 348g/t silver at the Black Bullock prospect.
In a Media Release of 29th April 2019, the ARL - CEO - Andrew Penkethman stated the following:“The IPO of our NSW assets is a part of Ardea’s three-pronged value creation strategy. This prospective 2,000km2 of gold and base metal tenure across our 100% controlled NSW projects will underpin a dedicated IPO, with distribution of free in specie shares to Ardea Shareholders.
Ardea CEO - Andrew Penkethman on reviewing the N.S.W. projects stated the following in a Media Release on 29th April 2019 . "The IPO is advancing as planned, with target definition followed by on- ground exploration completed over key components of each project area."
- Initial results are highly encouraging and have confirmed multiple base and precious metal targets, which highlight the prospectivity of the NSW project portfolio with follow up programs planned to test these targets post IPO.”
I believe the ARL board will all personally invest in this IPO to ensure of a successful listing and most future recipients of these free shares have told me they intend to apply for more shares when they receive the prospectus and priority application form.
Going on past spin out's or IPO history involving Ian Buchhorn, this is another I will not want to miss out on.
Having recently been adding to my ARL holdings I realise that if I want to top up on these new shares in addition to my free share entitlement, I need to make arrangements for funds to apply for the new shares in the near future.
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