Ardiden secures flexible finance

CANADIAN-focused lithium hopeful Ardiden has entered into a A$15 million funding agreement with a Hong Kong-based fund it believes will give it the financial flexibility to advance its flagship Seymour Lake project into production over the next two years.

Ardiden secures flexible finance Ardiden secures flexible finance Ardiden secures flexible finance Ardiden secures flexible finance Ardiden secures flexible finance

Long State Investments has agreed to offer the facility over the next 24 months, however Ardiden will be in the drivers’ seat, determining the pricing level, funding requirements and timing, and it can terminate at any time without penalty.

Ardiden CEO Brad Boyle said the company had full discretion to use the facility however it wished, and was free to seek other funding options.

The LSI facility offers Ardiden a flexible funding solution that allows it to draw down lots of $1 million in return for the issue of shares priced at the average of any two two daily average of shares during the 10 consecutive trading days following the placement notice, as nominated by LSI.

“Obtaining the LSI facility is a great outcome for the company, as, irrespective of the current ma...