The Board Directors of Heron Resources Limited (ASX:HRR) agreed to spin off gold and nickel projects on August 10, 2016. The spun-off business will be listed as Ardea Resources Ltd. Ardea will also undertake a public offer, with Heron shareholders having a priority entitlement. Heron will be issued new fully paid ordinary shares in Ardea and these shares will then be distributed at nil cost to Heron shareholders on an approximate 1 for 10 entitlements basis. 41.5 million shares of Ardea Resources Ltd. held by Heron Resources Limited will be transferred to Heron shareholders, pro rata to their holding on the record date of 6 October 2016. Ardea Resources Limited appointed independent Board to oversee its imminent listing on ASX and on-going operations. The Board will consist of Katina Law the Chairman, Matthew Painter as Managing Director, Ian Buchhorn as Non-executive Director and Sam Middlemas as CFO & Company Secretary. The transaction is subject to various conditions, including approval by Heron's shareholders, Ardea obtaining a conditional admission letter from ASX, and final approval by Heron's Directors. The completion of the transaction is also subject to Ardea receiving subscriptions for Shares for a minimum of AUD 3.5 million. Extraordinary general meeting of the shareholders of Heron will be held on September 29, 2016. On September 29, 2016, a record date of October 6, 2016 is set. The Board recommends that shareholders vote in favor of resolutions. Jon Snowball of FTI Consulting acted as public relations advisor in the deal. The deal is expected to close in January 20, 2017. Azure Capital Limited acted as financial advisor for Ardea and Euroz Securities Limited acted as Lead Manager for Ardea under a share sale facility. Security Transfer Registrars Pty Ltd acted as registrar for Heron in the deal.

On November 11, 2016, Heron Resources Limited announced that Heron shareholders may elect to receive Ardea shares or cash until the election deadline at 5 p.m. (Toronto time) on November 18, 2016. Due bills representing the entitlement to Ardea shares or cash will trade together with the shares until the close on November 18, 2016. The company's shares will trade ex distribution at the open on November 19, 2016. All trades on November 16, 2016, will settle on November 17, 2016, all trades on November 17, 2016, and November 18, 2016, will settle on November 18, 2016.

The Board Directors of Heron Resources Limited (ASX:HRR) completed the spin off gold and nickel projects for AUD 7.9 million on January 20, 2017. Trading of Ardea shares is expected to commence on ASX on or before February 9, 2017.