Kalgoorlie Gold Mining - Spin-out

Kalgoorlie Gold Mining Limited has been allocated ASX Code: KAL

Kalgoorlie Gold Mining Limited: Spin-out of Ardea’s Kalgoorlie-based gold assets
Ardea Resources Limited (Ardea) advises on the progress of the proposed spinout of its Kalgoorlie region gold tenements into a new Initial Public Offering (IPO) named Kalgoorlie Gold Mining Limited (KalGold).

KalGold will offer existing Ardea shareholders, and new subscribers to the IPO, exposure to a publicly-listed company with a portfolio of gold exploration assets in the highly gold-prospective Kalgoorlie region of the Eastern Goldfields, WA.
Highlights of the proposed IPO include:
• Ardea Shareholders to receive an in-specie distribution of 35 million KalGold vendor shares at nil cost, plus have a priority right to subscribe for KalGold IPO shares. • The capital raise to include the issue of up to 60 million new fully paid ordinary shares in KalGold at an issue price of $0.20 per share, raising up to $12 million for exploration and development before IPO costs. • A portfolio of 1,077km2 in 73 tenements with multiple gold drill targets within 150km of Australia’s gold capital, the City of Kalgoorlie Boulder, universally accepted as Australia’s premium gold destination. • Leveraging off an established operations team based in West Kalgoorlie to quickly advance targets post IPO towards production, notably at Bulong.