Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has confirmed the completion of its A$80 million equity raise.
The institutional placing saw the company issue 20.5 million CHESS Depositary Interests (CDIs) over new ordinary shares at A$3.90 per CDI.
Proceeds are expected to fund the fast-tracking of the Vares processing plant expansion, production growth initiatives at Rupice Mine, and to provide spare capacity during ramp-up to nameplate production in the second half of 2025.
"We are pleased to announce the successful completion of our recent capital raise, a significant milestone that strengthens our ability to execute on our strategic vision of increasing production at the Vares Silver Operation to 1.3 million tonnes per annum,” chief executive Laura Tyler said in a statement.
“This achievement reflects the confidence our investors have in our company, our team, and the long-term value of our operations.”
Tyler added: “We would like to thank our shareholders - both new and existing - for their trust and support.
“With this additional capital, we are well-positioned to accelerate our initiatives, deliver growth and build a lasting positive legacy for all our stakeholders."