Ardea Resources

Demerger and A$13m Initial Public Offering

February 2017

Ardea Resources Limited (Ardea) was incorporated by its parent company, Heron Resources Limited (Heron), following a decision by the Heron Board to spin out its extensive portfolio of non-Woodlawn exploration and development assets. In November 2016, Ardea entered into an agreement with Heron to acquire 100% beneficial ownership of these assets.

On 9 November 2016, Ardea issued a prospectus offering up to 30 million new shares to be issued at a price of A$0.20 per Share to raise a maximum of A$6 million, with a minimum of A$3.5 million to be raised.

Azure acted as financial adviser to Ardea and managed the end-to-end process for the company including initial advice on the transaction strategy and structure and appointment of lead managers to the issue.

The offer closed with Ardea successfully raising over A$5 million and commencing trading on the ASX on 7 February 2017.