Heron Resources spin-off, Ardea Resources, will list on the Australian Securities Exchange (ASX) in February by raising up to $6 million from an initial public offering (IPO).
Ardea, which will value its stock at 20 cents per share, is focussed on developing the cobalt potential of the Kalgoorlie nickel project in Western Australia and the Lewis Ponds zinc-gold project in New South Wales.
The Kalgoorlie nickel project is considered the largest cobalt resource documented by an Australian company listed on the ASX.
In the company’s prospectus, Ardea outlined plans to spend up to $5 million primarily on drilling over two years “on currently defined targets.”
“Ardea’s development focus will be the Lewis Ponds gold‐zinc project in central NSW and Kalgoorlie nickel project in WA,” Ardea chairman Katina Law said.
“Its exploration focus will be the Mt Zephyr gold and nickel and Bardoc Tectonic Zone/Kalgoorlie East gold projects in the Eastern Goldfields of WA. Ardea has a 100 per cent interest in all of these projects.”
Ardea expects trading of its shares to commence by February 9.