Ardea slightly lower on ASX debut

Perth-based Ardea Resources has wrapped up its first day of trading on the ASX, after spinning out from Heron Resources and raising $5.2 million from investors.

The cobalt, gold, nickel and zinc-focused company raised the funds from investors through an initial public offering priced at 20 cents each.

It had hoped to raise as much as $6 million.

At the close of trade, Ardea shares were worth 18.5 cents each.

Ardea closed its IPO last week, and took ownership of Heron’s non-core assets including the Lewis Ponds gold-zinc project in NSW, and several cobalt, gold and nickel projects located in the Goldfields.