Adriatic Metals PLC DIRECTOR/PDMR SHARE DEALING (5896S)
17 November 2021 - 3:51AM
UK Regulatory
TIDMADT1
RNS Number : 5896S
Adriatic Metals PLC
16 November 2021
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
DIRECTOR/PDMR SHARE DEALING
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF ) advises
that, as anticipated in the Company's announcement on 9 June 2021
following the launch of the Adriatic Foundation (the "Foundation"),
Mr Paul Cronin, CEO and MD of Adriatic Metals, today gifted 250,000
ordinary shares he held in the Company to the Foundation for nil
consideration ("Gifted Shares").
Background on Foundation
The Foundation was set up in June 2021 with the objective of
supporting the communities around the Vares Silver Project, through
initiatives designed to create a positive long-term legacy, as well
as alignment between the Company and the communities that the
Foundation supports. The Foundation's initiatives are specifically
focussed on improving local education, healthcare and environmental
protection (collectively, the "Foundation Objectives").
Funding of the Foundation
The donation of the Gifted Shares by Mr Cronin fulfils the last
of the initial funding commitments made to the Foundation at the
time of its launch. The other commitments included a EUR100,000
donation by the Company and a donation made by Sanela Karic,
Non-Executive Director of Adriatic Metals, of her Directors' fees
for the four months from March 2021.
The Gifted Shares held by the Foundation will be monetised as
and when needed for initiatives, selected by its Board of Trustees,
that meet the Foundation Objectives.
The Foundation continues to seek grants (non-repayable funding)
from other individuals, companies and institutions to co-fund
future programmes in support of the Foundation Objectives. To date,
the Foundation has received additional soft commitments of over
EUR400,000. The Company has also committed to donate 0.25% of
profits from its operations in Bosnia & Herzegovina to the
Foundation.
For more information on the Adriatic Foundation see:
https://www.easternmining.co.uk/sustainability/social/the-adriatic-foundation/
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Paul Cronin
----------------------------- ----------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Executive Officer and Managing
Director
----------------------------- ----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Adriatic Metals PLC
----------------------------- ----------------------------------------
b) LEI 549300OHAH2GL1DP0L61
----------------------------- ----------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description of the Adriatic Metals PLC CHESS Depositary
financial instrument, Interests (ordinary shares)
type of instrument ISIN: AU0000004772
Identification code
----------------------------- ----------------------------------------
b) Nature of the transaction Sale of ordinary shares
----------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil consideration 250,000
----------
----------------------------- ----------------------------------------
d) Aggregated information
* Aggregated volume 250,000
Nil consideration
* Price
----------------------------- ----------------------------------------
e) Date of the transaction 16 November 2021
----------------------------- ----------------------------------------
f) Place of the transaction Off market
----------------------------- ----------------------------------------
** ENDS **
Market Abuse Regulation Disclosure
The information contained within this announcement is deemed by
Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014.
The person responsible for arranging and authorising the release
of this announcement on behalf of Adriatic is Paul Cronin, Managing
Director and CEO.
For further information please visit www.adriaticmetals.com or
@adriaticmetals visit on Twitter; or contact:
Adriatic Metals PLC
Paul Cronin / Thomas Horton Tel: +44 (0) 7866
913207
Canaccord Genuity Limited (Joint Corporate
Broker)
Jeremy Dunlop (Australia) Tel: +61 2 9263 2700
James Asensio (UK) Tel: +44 (0) 207
523 8000
RBC Capital Markets (Joint Corporate Broker)
Marcus Jackson / Jamil Miah Tel: +44 (0) 20 7653
4000
Stifel Nicolaus Europe Limited (Joint Corporate
Broker)
Ashton Clanfield / Callum Stewart Tel: +44 (0) 20 7710
7600
Buchanan
Bobby Morse / Ariadna Peretz Tel: +44 (0) 2074665151
The Capital Network
Julia Maguire / Lelde Smits Tel: +61 2 8999 3699
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a
precious and base metals developer that is advancing the
world-class Vares Silver Project in Bosnia & Herzegovina, as
well as the Raska Zinc-Silver Project in Serbia.
The 2021 Vares Silver Project Definitive Feasibility Study
boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR
and a capex of US$168 million. The Company is well-funded and
concurrent with the advancing the Vares Silver Project into
construction, it continues to explore across its highly prospective
41km2 concession package.
Adriatic Metals completed the acquisition of TSX-listed explorer
Tethyan Resource Corp. in Q4 2020, which contained the Raska
Zinc-Silver Project in southern Serbia. The Company is exploring
across its 99km2 highly prospective concession area, which includes
around the formerly operating Kizevak and Sastavci polymetallic
mines.
There have been no material changes to the assumptions
underpinning the forecast financial information derived from the
production target in the 19 August 2021 DFS announcement and these
assumptions continue to apply and have not materially changed.
Adriatic Metals is not aware of any new information or data that
materially affects the information included in the announcement of
the updated Mineral Resource Estimate announced on 1 September 2020
and all material assumptions and technical parameters underpinning
the Mineral Resource Estimate continue to apply and have not
materially changed.
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END
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