Adriatic Metals

Canaccord Genuity acts as Joint Lead Manager to a A$25 million equity raising for Adriatic Metals PLC 

Canaccord Genuity is pleased to announce the completion of a two-tranche institutional placement (the “Equity Raising”) at $1.00 per share, to raise $25.0 million on behalf of Adriatic Metals PLC (“Adriatic” or the “Company”) (ASX: ADT).

Canaccord Genuity acted as Joint Lead Manager and Bookrunner to the Equity Raising, which was heavily oversubscribed and received strong support from both new and existing investors.

Proceeds of the Equity Raising will be used to expedite aggressive exploration & development activities at the Vareš Project in Bosnia & Herzegovina. The Company is now fully funded through to completion of a Bankable Feasibility Study.

The Vareš Project comprises a historic open cut mine at Veovaca and brownfield exploration at Rupice, an advanced proximal deposit which exhibits high grades of base and precious metals. Adriatic’s short-term aim is to expand the current JORC resource at the high-grade Rupice deposit, as well as conduct broader exploration within the expanded concession. Adriatic has attracted a world class team to expedite its exploration efforts and to rapidly advance the Company into the development phase and utilise its first mover advantage and strategic assets in Bosnia.

The Equity Raising team included Jeremy Dunlop, Christian Calabrese and Stefan Collins. Significant support was provided by our domestic and offshore Sales teams.