Heron Announces Update On Spin-Off Of Ardea Resources Limited

Sydney, Australia, Nov. 11, 2016 (GLOBE NEWSWIRE) -- Heron Resources Limited (ASX:HRR TSX:HER, "Heron" or the "Company") is pleased to announce that further to its press release of 11 October 2016, a letter and an election form regarding the spin-off ( Spin Off) of its wholly owned subsidiary, Ardea Resources Limited ( Ardea), have been mailed to shareholders with an address outside Australia ( Ineligible Shareholders) as at the record date of 6 October 2016.  These documents are available under Heron's profile on www.sedar.com.

The following is a summary of the Toronto Stock Exchange "due bill" trading, election and optional trading and settlement rules:

Issuer: Heron Resources Limited ("Heron")
Security: Ordinary shares ("Shares")
Issuer's symbol: HER
Issuer's CUSIP: Q4604L 10 7
Transaction: Spinoff effected as a return of capital by way of share distribution
Payable date: Heron has not yet determined the payment date for the distribution as the distribution continues to be subject to certain conditions as set out in the Disclosure documents.
Due Bill trading period: "Due bills" representing the entitlement to cash or Ardea shares will trade together with the Shares until November 18, 2016 (at the close).
Ex-distribution date: November 19, 2016 (at the opening)
Disclosure documents: Heron's Management Information Circular dated August 25, 2016 and letter to shareholders dated October 17, 2016 which are available at www.SEDAR.com.  Capitalized terms not otherwise defined herein are as defined in the Disclosure documents.
Election: Qualified Heron shareholders may elect to receive Ardea shares or cash.  Unqualified Heron shareholders are entitled to receive cash only.
Election Deadline: November 18, 2016 (5:00 p.m. (Toronto time))
Additional information: Shareholders of record on the Election Deadline will be entitled to the distribution of cash or Ardea shares.
Mandatory trading and settlement rules: Trade Dates Settlement Dates
November 16, 2016 November 17, 2016
November 17, 2016 November 18, 2016
November 18, 2016 November 18, 2016
TSX contact: Julie K. Shin, Director, Listed Issuer Services, Toronto Stock Exchange.

Only Ineligible Shareholders who held Heron shares as at the the Election Deadline will be entitled to the distribution of cash or Ardea shares.