Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has drawn down the third US$30mln tranche of senior secured debt from Orion Mine Finance.
All conditions precedent have been satisfied or waived and funds have been received.
This follows the announcement, on 10 January 2022, that Adriatic had completed a US$142.5mln debt financing package with Orion, comprising US$120mln in senior secured debt and a US$22.5mln copper stream.
The first drawdown of US$30mln of the debt package was received on 30 December 2022. The second US$30mln and the US$22.5mln for the copper stream were received on 13 February 2023.
The fourth tranche will be drawn down when required.
The funds will be used to continue the construction of Adriatic's flagship Vares silver project in Bosnia & Herzegovina.
"I am pleased that the next tranche debt has been received from Orion Mine Finance,” said Paul Cronin, Adriatic's chief executive.
“These funds will be used to continue the rapid construction of the world-class Vares silver project, which will deliver first concentrate production in November 2023. We remain fully funded."