4 March 2024
Adriatic
Metals PLC
("Adriatic Metals" or the "Company")
BOND
CONVERSION - ALLOTMENT OF SHARES
Adriatic Metals
PLC (ASX:ADT, LSE:ADT1,
OTCQX:ADMLF) announces
that it has allotted 10,981,770
new ordinary shares of
£0.013355 each ("Shares") in connection with the conversion by Queens Road Capital
Investment Ltd. (TSXV: QRC) of unsecured convertible bonds in the
principal amount of US$20,000,000 at a conversion price of
AU$2.7976 (US$1.8212 and GBP equivalent £1.4394) per share
(please refer to the original QRC financing
announcement on 27 October 2020). The
Shares rank pari passu with the Company's existing ordinary
shares.
Application will be made to the
Financial Conduct Authority ("FCA") for admission of the Shares to
the standard segment of the FCA's Official List and to the London
Stock Exchange for admission of the Shares to trading on the Main
Market for listed securities ("Admission"). Admission of the Shares is
expected to take place on or around 8 March 2024.
CHESS Depositary Interest
representing the Shares ("CDIs") will be issued to
Queens Road Capital Investment Ltd. and
applications will be made for the CDIs to be quoted on the
Australian Securities Exchange ("ASX") by way of an ASX Appendix 2A and
issuance of a section 708A(6) cleansing statement per the
Australian Corporations Act .
The Company confirms that as at the
date of this announcement, the Company's issued share capital
comprises 306,222,045 ordinary shares of £0.013355 each, with each
share carrying the right to one vote. The Company does not hold any
ordinary shares in treasury.
The above figure of 306,222,045 may
be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or of a change to their interest in, the Company under
the FCA's Disclosure and Transparency Rules.
All company announcements are
available on the Company's website at: https://www.adriaticmetals.com/investors/asx-announcements
.
Paul Cronin, Adriatic's Managing
Director and CEO, commented:
"I am delighted to welcome QRC as an
equity shareholder in Adriatic following their decision to exercise
their right to convert their bonds into equity. I would like to
thank them for their long term ongoing support as we ramp up the
Vares Project to nameplate capacity."
-ends
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MARKET ABUSE REGULATION
DISCLOSURE
The information contained within
this announcement is deemed by the Company (LEI:
549300OHAH2GL1DP0L61) to constitute inside information for the
purpose of Article 7 of EU Market Abuse Regulation (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) ACT 2018, as amended. The person
responsible for arranging and authorising the release of this
announcement on behalf of the Company is Paul Cronin, Managing
Director and CEO.
Authorised by Paul Cronin, Managing
Director & CEO
For further information please
visit: www.adriaticmetals.com;
email: info@adriaticmetals.com,
@AdriaticMetals
on Twitter; or contact:
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Adriatic Metals PLC
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Paul Cronin / Klara
Kaczmarek
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Via Buchanan
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Buchanan
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Tel: +44 (0) 20 7466 5000
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Bobby Morse / Oonagh
Reidy
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adriatic@buchanan.uk.com
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Morgans Corporate Limited
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Rob Douglas / Sam Warriner / Mitch
Duffy
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Tel: +61 7 3334 4888
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RBC
Capital Markets
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Farid Dadashev / James Agnew / Jamil
Miah
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Tel: +44 (0) 20 7653 4000
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Stifel Nicolaus Europe Limited
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Ashton Clanfield / Callum Stewart /
Varun Talwar
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Tel: +44 (0) 20 7710 7600
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Citadel Magnus
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Cameron Gilenko
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Tel: +61 2 8234 0100
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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 Vares Silver Project is fully funded to
production, which took place in February 2024. Concurrent with
ongoing construction activities, the Company continues to explore
across its highly prospective 44km2 concession
package.