Ardea Resources (ASX:ARL) halts transactions and considers new capital – The Market Herald

• Ardea Resources (ARL) suspends its shares pending publication of a fundraising announcement
• The company will remain on hiatus until February 22 at the earliest or when the announcement hits the market.
• On February 11, Ardea confirmed near-surface high-grade nickel-cobalt mineralization at its Highway deposit in Western Australia
• Types and grades of geometallurgical materials targeted by drilling peaked at 2.31% nickel and 1.42% cobalt
• Ardea shares last traded at 79.5 cents on February 17

Ardea Resources (ARL) has suspended trading in its shares pending publication of a fundraising announcement.

The company will remain on hiatus until the earliest of February 22 or when the announcement hits the market.

Ardea has yet to reveal how much it intends to raise or what it will use the funds for once they are received.

On February 11, Ardea confirmed near-surface high-grade nickel-cobalt mineralization at its Highway deposit in Western Australia.

The drilling targeted geometallurgical material types and was designed based on a resource estimation feasibility program completed mid-last year.

Overall, grades peaked at 2.31% nickel and 1.42% cobalt and the results validate Ardea’s mineralization models.

Ardea last appealed to investors for cash in June 2021 when it undertook a $5.7 million equity offering.

More than 10.3 million new fully paid ordinary shares were issued to sophisticated investors and professional clients of Petra Capital at 55 cents.

Ardea said it would use the funds to further accelerate feasibility study work on the Kalgoorlie Nickel project.

A pre-feasibility study in 2018 recognized the project as globally significant and easily scalable.

Ardea shares last traded at 79.5 cents on February 17. The company has a market capitalization of $110.3 million.