Heron Resources Ltd. on Jan. 23 said all the conditions for the spinoff of Ardea Resources Ltd. have been met and that Ardea closed its IPO Jan. 20, raising A$5.2 million, below its maximum targeted proceeds of A$6 million but more than the minimum A$3.5 million subscription condition.

Ardea in-specie shares on a 1-for-10 basis will be transferred to eligible Heron shareholders on or before Feb. 1, and Ardea's shares are expected to start trading on the ASX by Feb. 9.

The spinoff is now proceeding to complete the acquisition of Heron's assets, apart from the Woodlawn zinc project in New South Wales, Australia. Ardea's development focus will be the Lewis Ponds gold-zinc project in New South Wales and its exploration focus will be the Mount Zephyr and the Bardoc tectonic zone gold projects in Western Australia.

Furthermore, Heron said the drill program for the Lewis Ponds project has been approved by the NSW Department of Industry, while the application for drilling at the KNP cobalt zone in Western Australian is underway. Drilling at both projects is expected to start in February, shortly after Ardea's listing.