Adriatic Metals (ASX:ADT) plans to conduct an institutional placement in two tranches to raise around AU$80 million via the issue of around 20.5 million new CHESS depositary interests over new fully paid ordinary shares, according to a Tuesday Australian bourse filing.
The offer price for the placement will be AU$3.90 per New CHESS depositary interest, the filing said.
It will use the proceeds to secure long-lead items to fast-track the expansion of its Vares silver project processing plant in Bosnia and Herzegovina as well as to initiate studies and workstreams at Rupice mine to support production growth.
The placement is not being underwritten. Canaccord Genuity, RBC Europe, and Stifel Nicolaus Europe are acting as joint lead managers and joint book-runners in connection with the placement.
Major shareholders including Helikon Investments and L1 Capital, as well as the miner's co-founder and former chief executive Paul Cronin, are planning to participate in the offer.
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