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Junior Ardiden will raise A$6.5-million through a share placement to institutional, professional and sophisticated investors to fund exploration at the Pickle Lake gold project, in Ontario.

The company on Friday said that it would issue 500-million shares, at a price of 1.3c each, representing a 20.1% discount to the company’s ten-day volume weighted average price.

Ardiden’s directors intend to subscribe for 7.6-million shares, worth A$100 000 in the placement, subject to shareholder approval at a general meeting planned for April 2022. About 492.3-million shares will be issued under the company’s existing placement capacity, with only the director placement subject to shareholder approval.

“This placement permits us to more rapidly expand our drill programme at Pickle Lake, which hosts numerous targets. As we reported last month, our drill programme on the Western Hub has commenced at Esker,” said Ardiden MD and CEO Robin Longley.

“We continue to work with First Nations’ representatives across our tenements, as well as on permitting and drill targeting with our internal technical team. The area has also experienced a significant increase in adjacent industry activity recently, including Evolution Mining’s staking of greenfields tenements to the south of our land package. Additionally, Ardiden remains strongly leveraged to ongoing results from drilling at its 49%-owned lithium joint venture with operator Green Technology Metals.”