23rd Feb 2021 14:33
Adriatic Metals PLC - develops Vares silver project in Bosnia & Herzegovina - Completes acquisition of RAS Metals under an agreement held by Tethyan Resource Corp, an Adriatic Metals subsidiary. Adriatic Metals says it paid a cash consideration of EUR1.4 million for 90% of the RAS Metals shares it did not already own, as well as an allotment of 166,000 shares. Adds there is deferred consideration of EUR500,000 in cash payable on May 14, 2022, and 498,000 shares in Adriatic Metals that will be allotted in three equal tranches on or around August 22, 2021, February 22, 2022 and August 22, 2022. Notes the RAS Metals assets include the exploration licences for both Kizevak and Sastavci, which are together known as the Raska project.
"From the work done following the completion of the Tethyan acquisition, exercising the option to acquire the remaining 90% of RAS Metals was a simple decision to make. We see significant exploration potential across the Raska project and consolidating the region makes it easier to implement our strategy for Raska," says Managing Director & Chief Executive Paul Cronin.
Current stock price: 125.00 pence
Year-to-date change: up 0.8%
By Zoe Wickens; [email protected]
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