Adriatic Metals PLC - precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia - Raises USD32.0 million in a placing of 14.8 million shares, at 170 pence each; a 5.1% discount to the 10-day average share price to august 7. Adriatic Metals announced this placing on Monday, saying the proceeds of the placing would fund an expanded and accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40,000 metres of drilling, and associated facilities and equipment.
Managing Director and Chief Executive Officer Paul Cronin says: "We believe this funding will enable Adriatic to accelerate and expand our exploration activities, which will position Adriatic as one of the leading base and precious metals developers in Europe."
Current market price: 173.20 pence, up 2.2%
12-month change: up 43%
By Will Neill, Alliance News reporter
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Adriatic Metal. (ADT1)