Sydney, Australia, Feb. 09, 2017 (GLOBE NEWSWIRE) -- Heron Resources Limited (“Heron”) is pleased to announce that the share sale facility (“Facility”) established by Heron and undertaken by Euroz Securities Limited to sell ineligible foreign shareholders’ entitlement under the distribution of Ardea Resources Limited (Ardea) shares to Heron shareholders has been successfully completed.[1]

Mr Taylor noted “We are delighted that the share sale facility has been completed prior to the listing of Ardea as it contributes to an orderly market.  The take up of the sale facility shares reflects the strong demand for the asset portfolio held by Ardea and its prospects for the future.”

Foreign shareholders were entitled to 5,956,820 Ardea shares under the distribution approved by Heron shareholders on 29 September 2016.  Of these 1,593,831 shares were transferred to foreign shareholders under the Facility who elected to receive their entitlements and the balance (4,362,989 Ardea shares) were sold for $0.20 per share.

The sale proceeds (less 1% brokerage fee for the value of the in specie shares sold) will be paid within 30 days to each ineligible foreign shareholder by:

(i)         direct credit to the intermediary holding the Heron shares on behalf of the Heron shareholder; or

(ii)        where the shares are held directly, by cheque sent by mail to the ineligible foreign shareholder’s address as shown on Heron’s share register.

A further announcement will be made to advise of the payment date.  Ineligible foreign shareholders are asked to update their details with Heron’s share register.  Neither Heron, Ardea nor Euroz Securities Limited take any responsibility for the payment to ineligible foreign shareholders.

Shareholders are reminded that all Ardea in specie shares plus subscribed Ardea shares held three months after the 9 February 2017 listing date will qualify for a 1 for 3 bonus issue of Ardea Loyalty Options.

[1] See Heron’s letter to foreign shareholders announced on ASX on 2 December 2016 for further information.


This report contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this report. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this report is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.  No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this report.


For further information regarding Ardea, please visit or or contact:
Dr Matt Painter	
Managing Director, Ardea Resources Limited
Tel +61 8 6500 9200

Heron Australia
Mr Wayne Taylor 							
Managing Director and CEO Heron Resources Ltd			
Tel: +61 2 9119 8111 or +61 8 6500 9200				

Heron Canada:
Tel: +1 647-862-1157 (Toronto)