(Alliance News) - Adriatic Metals PLC on Tuesday said it is now subject to the UK City Code on Takeovers & Mergers amid recent admission of its shares on the London's Main Market.
The stock was trading 0.5% lower in London on Tuesday at 83.80 pence a share.
The mining company - which is listed in Australia - floated on the London Stock Exchange on Thursday last week. It is the owner of the Vares project in Bosnia & Herzegovina, which comprises of a historic open cut mine at Veovaca and brownfield exploration at Rupice.
On Thursday last week, Adriatic Metals said scoping study for the development of the Vares project outlined a robust, high margin, low capex project producing zinc, lead, gold, silver, barite, copper and antimony in concentrates over a mine life of 14.6 years.
"The Vares project is shaping up to be one of Europe's most exciting new mining development stories and I'm delighted that Adriatic's shares will now trade on the London Stock Exchange alongside our existing listing on the ASX," said Chief Executive & Managing Director Paul Cronin.
He added: "The new listing will foster interest from our existing European investor base and enable participation in the Adriatic story from new investors to support the company in the next phase of its growth as we advance the Vares project to production and continue our aggressive exploration campaigns."
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Adriatic Metal. (ADT1)