Gold explorer Ardiden Limited ('Ardiden' or 'the Company') (ASX: ADV) is pleased to advise that it has reached agreement with Green Technologies Metals Limited ('GTM'), formerly Great Northern Lithium Pty Ltd, to increase the total consideration payments and accelerate the timing of the payments received under the original terms.
GTM is currently preparing its in principle advice submission to the ASX for a proposed listing via Initial Public Offering ('IPO'). Subject to obtaining necessary approvals, GTM has indicated that its current intention is to offer access for Ardiden shareholders to the IPO raising via a priority offer, but there is no guarantee that the offer will eventuate. Ardiden believes the sale of up to 80% of the Lithium Tenements to a new but experienced lithium-focused entity with a track record of delivery, provides an opportunity to accelerate exploration and development of these quality assets within the rapidly evolving battery metals sector.
This enables Ardiden to retain upside exposure to the battery metals market by retaining a minimum 20% interest, while providing the capital to prioritise the exploration at Ardiden's highly prospective and District-Scale Pickle Lake Gold Project. The favourable terms have been reached in an effort to assist GTM in expediting their IPO. For further background information in relation to the transaction please refer ASX releases dated 6 May 2021, and 23 June 2021.
Ardiden Limited is an ASX-listed company focused on gold exploration at its Pickle Lake Gold Project in north-west Ontario, Canada. The project consists of 870km2 of highly prospective gold landholdings across 22 identified Gold Deposits and Prospects. Ardiden also has 100% ownership of three hard rock (spodumene) Lithium Projects in north-west Ontario and is well positioned to derive benefit from both gold and lithium exploration sectors of the market.
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