Adventus Mining Closes C$6.9 Million Bought Deal Public Offering
19 January 2023 - 12:49AM
Adventus Mining Corporation (“Adventus Mining” or
the “Company”)
(TSX-V: ADZN) today announced the
closing of its previously announced bought deal public offering
(the “Offering”). The Offering was completed through a syndicate of
underwriters led by Raymond James Ltd. and National Bank Financial
Inc. as joint bookrunners of the Offering, including BMO Nesbitt
Burns Inc., Cormark Securities Inc., Haywood Securities Inc., and
PI Financial Corp. (collectively, the “Underwriters”). Pursuant to
the Offering, the company issued a total of 13,269,230 common
shares of the Company (the "Common Shares") at a price of C$0.52
per Common Share (the "Offering Price"), representing total gross
proceeds of C$6,899,999.60, which includes full exercise by the
Underwriters of their over-allotment option to acquire an
additional 1,730,769 Common Shares under the same terms as the
Offering.
The net proceeds of the Offering will be used
for exploration activities at the Santiago Project, including
drilling, as well as for working capital and general corporate
purposes.
The Common Shares were offered by way of a
prospectus supplement filed in British Columbia, Alberta, Ontario,
New Brunswick and Newfoundland and Labrador on January 13, 2023
(the “Prospectus Supplement”), and elsewhere in reliance upon
exemptions from registration or the applicable prospectus
requirements under applicable securities laws. The Underwriters
received a cash commission equal to 6.0% of the gross proceeds from
the sale of the Common Shares pursuant to the Offering, which
commission was reduced to 3.0% in respect of certain president’s
list purchasers.
The Offering is subject to the final approval of
the TSX Venture Exchange. A copy of the Prospectus Supplement is
available under the Company’s SEDAR profile at www.sedar.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the Common Shares in any state in which such offer,
solicitation or sale would be unlawful. The Common Shares have not
been registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any state securities laws,
and may not be offered or sold in the United States (as such term
is defined in Regulation S under the U.S. Securities Act) absent
registration under the U.S. Securities Act and all applicable state
securities laws or in compliance with an applicable exemption
therefrom.
About Adventus MiningAdventus
Mining Corporation is an Ecuador-focused copper-gold exploration
and development company. Adventus Mining is majority owner of the
215 sq. km Curipamba copper-gold project, which has a completed
feasibility study on the shallow and high-grade El Domo deposit. In
addition, Adventus Mining is engaged in a country-wide exploration
alliance in Ecuador, which has incorporated the Pijili and Santiago
copper-gold porphyry projects to date. Outside of Ecuador, Adventus
Mining owns an exploration project portfolio in Ireland with
South32 Limited as the funding participant. Its strategic
shareholders include Altius Minerals Corporation, Greenstone
Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of
Ecuador. Adventus Mining is based in Toronto, Canada, and is listed
on the TSX Venture Exchange under the symbol ADZN and trades on the
OTCQX under the symbol ADVZF.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
This press release contains "forward -looking
information" within the meaning of applicable Canadian securities
laws. Forward-looking statements are based on the beliefs,
expectations, and opinions of the management of Adventus Mining as
of the date the statement is published, and Adventus Mining assumes
no obligation to update any forward-looking statement, except as
required by law. In certain cases, forward–looking statements can
be identified by the use of words such as "plans", "expects",
"outlook", "guidance", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "believes", or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved" or the negative of these terms or
comparable terminology.
Forward-looking information herein includes, but
is not limited to, statements that address activities, events, or
developments that Adventus Mining expects or anticipates will or
may occur in the future including: the proposed use of proceeds;
and the receipt of all necessary approvals, including the approval
of the TSXV Venture Exchange. Although Adventus Mining has
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated, or intended. There can be no assurance that
such information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information.
For further information from Adventus Mining,
please contact Christian Kargl-Simard, President and Chief
Executive Officer, at +1-416-230-3440 or
christian@adventusmining.com. Please also visit the Adventus Mining
website at www.adventusmining.com.
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