This month, Adriatic Metals raised 30 million dollars to finance an expanded and accelerated exploration program at its Rupice and Rupice Northwest deposits in Vares.
The firm placed more than 14.77 million new shares at 1.70 pounds each, representing a discount of 5.1 percent to the 10-day average share price on the Australian Stock Exchange since August 7th.
Some 20 million dollars of the placement proceeds will be used to fund an accelerated exploration program at Rupice and Rupice Northwest, including an additional 40.000 meters of drilling, while another 5 million dollars will be used for exploration-related working capital and 5 million dollars for growth opportunities.
“Following a very successful exploration campaign and the recently announced mineral resource update in the Rupice and Rupice Northwest, we are pleased to announce a capital investment of 30 million dollars to fund an expanded and accelerated exploration program in 2023 and 2024,” said firm CEO Paul Cronin.
“Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1, and SP2 that have exciting prospects. We believe this exploration program will yield impactful results by more aggressively testing priority targets in our emerging high-grade polymetallic district,” he added.
The construction of the project in Vares is nearing completion and is fully financed for the first concentrated production, which is expected in November 2023, Biznis Info reports.
E.Dz
