Adriatic Metals PLC Closing of US$20 Million Financing (0211H)
December 01 2020 - 01:00AM
UK Regulatory
TIDMADT1
RNS Number : 0211H
Adriatic Metals PLC
01 December 2020
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
Closing of US$20 Million Financing
Adriatic Metals PLC (ASX:ADT & LSE:ADT1) advises that
further to the announcement on 27 October 2020 the Company has
closed the private placement of 8.5% unsecured convertible
debentures with Queen's Road Capital Investment Ltd. (TSXV: QRC)
raising gross proceeds of US$20 million before transaction
costs.
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
** ENDS **
Market Abuse Regulation Disclosure
The information contained within this announcement is deemed by
Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. The person responsible for arranging and authorising
the release of this announcement on behalf of Adriatic is Paul
Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com ;
@AdriaticMetals on Twitter; or contact:
Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton Tel: +44 (0) 203 950 9138
Tavistock Communications Limited
Charles Vivian Tel: +44 (0) 7977 297903
Edward Lee Tel: +44 (0) 7736 220565
Gareth Tredway Tel: +44 (0) 7785 974264
The Capital Network
Julia Maguire/Lelde Smits Tel: +61 2 8999 3699
ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base
metals explorer and developer that owns the world-class Vares
Silver Project in Bosnia & Herzegovina and holds licences
across the Raska District in Serbia.
The Vares project's captivating economics and impressive
resource inventory have attracted Adriatic's highly experienced
team, which is expediting exploration efforts to expand the current
JORC resource. Results of a recent pre-feasibility study announced
on 15 October 2020 indicate a post-tax NPV(8) % of US$1,040 million
and IRR of 113%. Leveraging its first-mover advantage, Adriatic is
rapidly advancing the project into the development phase and
through to production with significant cornerstone investment of
US$28 million from Queen's Road Capital Investment and EBRD.
There have been no material changes to the assumptions
underpinning the forecast financial information derived from the
production target in the 15 October 2020 announcement and these
assumptions continue to apply. There have been no material changes
to the assumptions and technical parameters on the updated Mineral
Resource Estimate announced on 1 September 2020 and these
assumptions continue to apply.
Adriatic Metals acquired TSX-listed Tethyan Resource Corp in
2020, to advance the former Kizevak and Sastavci polymetallic mines
in the Raska District, southern Serbia.
About Queen's Road Capital Investment Ltd.
Queen's Road Capital Investment Ltd. ("QRC") listed on the
Toronto Stock Exchange in 2020 and is becoming a leading financier
to the global resource sector. The company is a resource-focused
investment company, making investments in privately held and
publicly traded resource companies. The company acquires and holds
securities for both long-term capital appreciation and short-term
gains, with a focus on convertible debt securities and resource
projects in advanced development or production located in safe
jurisdictions. QRC is well funded and backed by a number of
significant investors, including two of Australia's most successful
entrepreneurs, Jack Cowin (Competitive Foods) and Andrew Forrest
(Fortescue Metals). QRC's executive management team is led by CEO,
Warren Gilman and President, Alex Granger who have over 60 years'
collective experience of financing projects in the global resources
sector.
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END
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