Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) (Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF), Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF), Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF)) Paul Cronin joins Proactive London's Katie Pilbeam to talk about the update at their Vares Silver Project in Bosnia & Herzegovina which is now fully funded to production after the company completed a US$142.5mln debt financing package.
The deal with Orion Resource Partners (UK) LLP comprises US$120mln of senior secured debt and a US$22.5mln copper stream.
In addition to the Orion loan, the financing includes an institutional equity raise of US$102mln, in which Orion subscribed for US$50mln, giving it a 9.1% stake in Adriatic.
First production from Vares is expected in the second quarter of 2023.