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Adriatic Metals secures $244.5 mln debt, equity fundraise for mine construction in Bosnia

Adriatic Metals secures $244.5 mln debt, equity fundraise for mine construction in Bosnia Author: Mineco. Licence: All rights reserved.

SARAJEVO (Bosnia and Herzegovina), October 15 (SeeNews) - UK-based Adriatic Metals has raised $102 million in an equity fundraise as part of a $244.5 million finance package for the construction of a mine in Bosnia's Vares, it said.

Adriatic Metals raised $52 million from placing new shares and additional $50 million from an equity subscription by Orion Resources Partners LP, the company said in a statement on Wednesday.

On Tuesday, Adriatic Metals entered into two separate agreements with Orion under which the investment management firm agreed to subscribe to newly issued Adriatic Metals shares and provide a $142.5 million debt financing package to Adriatic Metals.

Adriatic Metals plans to use the funds for the construction of a mine in Vares, Bosnia, which is estimated to cost the company some $236.5 million.

The company intends to start the construction of the mine in the first half of 2023.

Adriatic Metals is an ASX-listed zinc polymetallic explorer and developer via its 100% interest in the Vares project.

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