Ardiden Ltd.said April 4 that its previously announced oversubscribed placement of just over48.07 million shares, at 2.6 Australian cents apiece, to key sophisticated and institutionalinvestors has been completed, raising about A$1.3 million.
In a statement issued March 23, the company said it initiallytargeted to raise A$1.0 million but increased the financing to A$1.3 million afterit received subscriptions for more than A$2.2 million.
Following the financing, Ardiden is now fully funded to rapidlyprogress the due diligence drilling program and assessment of the lithium project in Ontario,which it looks to acquire from LandoreResources Ltd. under a February optionagreement.
The proceeds will also allow the company to expedite its assessmentof the Seymour Lakelithium project, which has already returned highly encouraging drilling results,according to Ardiden.
Stockport ExplorationInc. optionedSeymour Lake to Ardiden in January, allowing the latter to acquire the project forC$1.0 million. Furthermore, Ardiden plans to use the funds to advance explorationactivities at its Manitouwadgejumbo flake graphite project in Ontario, as well as for general working capital.
Both the Seymour Lake and the Manitouwadge projects are alsoin Ontario.