Media Room

Ardea to spin-out NSW assets

Junior Ardea Resources will spin-out its Lachlan Fold Belt gold and base metal tenements, in New South Wales, into a new vehicle named Godolphin Resources.

In an initial public offering (IPO), existing Ardea shareholders will receive an in-specie distribution of 30-million Godolphin vendor shares at nil costs, as well as a priority right to subscribe for IPO shares.

AVZ increases Manono stake

ASX-listed AVZ Minerals has struck a $5.5-million deal to acquire an additional 5% interest in the Manono lithium and tin project, in the Democratic Republic of Congo (DRC).

AVZ on Monday announced that it would acquire an additional 5% interest in Manono from joint venture partner Dathomir Mining Resources, taking its interest in Manono to 65%.