Adriatic Metals PLC Adriatic Metals Completes RAS Metals Acquisition
RNS Number : 0114Q
Adriatic Metals PLC
23 February 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS COMPLETES RAS METALS ACQUISITION
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Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce
that it has completed the acquisition of the entire issued share
capital of RAS Metals d.o.o ("RAS Metals") under an agreement held
by Tethyan Resource Corp, a wholly owned subsidiary of the
The RAS Metals assets include the exploration licences for both
Kizevak and Sastavci (together, the "Raska Project").
The consideration paid for the remaining 90% of the shares in
RAS Metals that the Company did not already hold was EUR 1,365,000
in cash plus the allotment of 166,000 Ordinary shares of 0.013355p
each in the Company ("Shares").
Additionally, there is deferred consideration of EUR 500,000 in
cash, payable on 14 May 2022, and 498,000 Ordinary shares in the
Company that will be allotted in three equal tranches on or around
22 August 2021, 22 February 2022 & 22 August 2022.
The Shares rank pari passu with the existing Ordinary shares and
application has been made to the Financial Conduct Authority and
the London Stock Exchange for the Shares to be admitted to the
standard segment of the Official List of the London Stock Exchange.
Admission of the Shares is expected on 2 March 2021.
Since the Tethyan acquisition last year, 11,000m of diamond core
("DC") drilling has been completed on the Raska licenses. Drilling
has been focussed around the area South East of Kizevak, where
under the prior ownership of Tethyan, thick intersections of
high-grade mineralisation were drilled. See Tethyan announcement on
04 September 2018 for more information. Adriatic has a further
25,000m of step-out DC drilling planned across the Raska Project
Paul Cronin, Adriatic's Managing Director and CEO commented,
"From the work done following the completion of the Tethyan
acquisition, exercising the option to acquire the remaining 90% of
RAS Metals was a simple decision to make. We see significant
exploration potential across the Raska Project and consolidating
the region makes it easier to implement our strategy for
Authorised by, and for further information please contact:
Managing Director & CEO
** 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) 7515 357842
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.
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(END) Dow Jones Newswires
February 23, 2021 02:00 ET (07:00 GMT)