Adriatic Metals PLC Issue of Securities to Sandfire Resources Limited (8008J)
December 24 2020 - 01:00AM
UK Regulatory
TIDMADT1
RNS Number : 8008J
Adriatic Metals PLC
24 December 2020
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
ISSUE OF SECURITIES TO SANDFIRE RESOURCES LIMITED
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) advises that it has
completed the issue and allotment of 4,830,156 new Ordinary Shares
in the form of Chess Depository Interests (CDIs) in the capital of
the Company to Sandfire Resources Limited for proceeds of
A$8,649,360.35. The issue comprises the Settlement Placement as
announced on 3 November 2020 under the terms of the Deed of
Settlement and Release between the Company and Sandfire Resources
Limited.
A Cleansing Notice and Appendix 2A (Application for quotation of
securities) has today been filed with the Australian Securities
Exchange (ASX) and is available on the Company's website:
https://www.adriaticmetals.com/investors/asx-announcements/
** ENDS **
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by
the Company (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 the Company 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 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
MSCFIFVRFALSFII
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