ARDEA RESOURCES LIMITED — Capital/Financing Update 2020

Sep 17, 2020

ABN 30 614 289 342

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Registered and Business Office Suite 2, 45 Ord Street West Perth WA 6005 Australia Tel: +61 8 6244 5136 Email: ardea@ardearesources.com.au

18 September 2020

ASX: Media Release

Ardea Resources Announces Share Purchase Plan

Ardea Resources Limited (“Company” or “Ardea”) is pleased to announce a Share Purchase Plan (“SPP”) to eligible shareholders.

The SPP will enable existing eligible shareholders to purchase Ardea shares at the same share price as the Placement to sophisticated investors of $0.47/share which was equal to a 12.1% discount on the share price on the day the Placement was announced. The SPP will be capped at a total of $2.5 million, so shareholders are encouraged to subscribe early as the board may close the SPP when the target is reached to ensure scalebacks are minimized.

Existing eligible shareholders of Ardea will have the opportunity to subscribe to a maximum of $30,000 of new shares and a minimum of $2,000 of new shares, via the SPP

Funds raised by the SPP will be primarily directed towards accelerating exploration and development on the Company’s projects, and for working capital.

The Company will apply for quotation of the new shares on ASX, which will rank equally in all respects with existing Ardea fully paid ordinary shares.

Full details of the SPP and the timetable will be set out in the SPP offer document which will be dispatched to eligible shareholders on or around 23 September 2020.

Date	Details
17 September 2020	Record Date 5.00pm (WST)
	The date on which the Company determined shareholders eligible to participate
	in the SPP, being shareholders registered on that date with
	an address in Australia or New Zealand.
18 September 2020	SPP Announced to ASX
23 September 2020	Opening Date
	The date the SPP offer is made – SPP opens.
6 October 2020	Closing Date
	The date on which the SPP offer closes. Applications and payments (including
	BPAY) must be received by 5.00pm (WST).
12 October 2020	Issue Date
	The date New Shares are issued.
14 October 2020	Dispatch/Share Trading Date
	The date on which holding statements are sent to shareholders who
	subscribed for New Shares under the SPP and trading commence on ASX.

The timetable is indicative only and the Company may, at its discretion, vary any of the above dates except for the Record Date and the Opening Date. The final terms of the SPP Offer Document will be settled by the Ardea Board for its dispatch to Eligible Shareholders on the indicative date of 23 September 2020.

Mathew Longworth Chairman

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