Grace Quigley
Snr Adviser External Comms •
Sydney
Media Release: Clayton Utz advising Ardea on its strategic placement to Sumitomo Metal Mining Co
1 minute
In a placement announced to the market today, Clayton Utz is advising Ardea Resources Ltd (ASX: ARL) on its entry into a binding Subscription Agreement with consortium partner Sumitomo Metal Mining Co. Ltd under which Sumitomo has agreed to subscribe for 10,730,000 new fully paid ordinary shares in Ardea to raise approximately A$4.6 million before costs.
Corporate partners Mark Paganin and Stephen Neale are leading the firm's team, together with special counsel Scott Girdler and senior associate William Davies and key support from lawyer Ally Clark.
Funds raised from the placement will primarily be used for working capital to ensure the Ardea team continues to contribute its expertise to the Kalgoorlie Nickel Project – Goongarrrie Hub (Goongarrie) Definitive Feasibility Study.
Clayton Utz's role in advising Ardea follows the firm acting for Ardea on its joint venture with a consortium consisting of Mitsubishi Corporation and Sumitomo to develop Goongarie and the entry into a Shareholders' Agreement with the consortium for Goongarrie.
Ardea is an ASX-listed Australian company involved in the exploration and development of mineral resources. Ardea's major project is the Kalgoorlie Nickel Project – Goongarrie Hub, located 70km northwest of the City of Kalgoorlie-Boulder, which hosts one of the largest undeveloped nickel-cobalt resources in the world.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.