Adriatic Metals PLC Grant of ASX Waiver (4924J)
December 22 2020 - 1:00AM
UK Regulatory
TIDMADT1
RNS Number : 4924J
Adriatic Metals PLC
22 December 2020
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
GRANT OF ASX WAIVER
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) has, further to its
announcement of 3 November 2020, received the following waiver from
ASX Limited.
Waiver Decision
1. Based solely on the information provided, ASX Limited ('ASX')
grants Adriatic Metals Plc (the 'Company') a waiver from listing
rule 10.11.3 to the extent necessary to permit the Company to issue
shares to Sandfire Resources Limited ('Sandfire') so that Sandfire
can maintain, pursuant to the strategic alliance (encompassing an
agreement between the parties pursuant to which Sandfire is to
provide advice in relation to technical, in-country, political,
funding and marketing matters relating to the Company's Veovaca and
Rupice Projects), by way of a right to participate in any issue of
securities or to subscribe for securities, its percentage interest
in the issued share capital of the Company up to a maximum of 16.2%
('the Anti-Dilution Right').
2. This waiver is granted on the following conditions.
2.1 The listing rule 6.18 waiver granted by ASX on 29 August
2018 with respect to the Anti-Dilution Right is complied with in
all respects.
2.2 The waiver is granted for an initial term of three years
only from 18 December 2020.
2.3 Any securities issued under the Anti-Dilution Right are
offered to Sandfire for cash consideration that is:
2.3.1 no more favourable than cash consideration offered by
third parties, in the case of issues of securities to arm's length
parties for cash consideration; or
2.3.2 equivalent in value to non-cash consideration offered by
arm's length third parties, in the case of issues of securities to
third parties for non-cash consideration.
2.4 The Company immediately releases the terms of the waiver to
the market.
3. ASX has considered Listing Rule 10.11.3 only and makes no
statement as to the Company's compliance with other listing
rules.
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
** ENDS **
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 European
Bank for Reconstruction and Development .
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.
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END
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