Advance notice of Tethyan closing date

RNS Number : 5608A

Adriatic Metals PLC

30 September 2020

 

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

ADVANCE NOTICE OF TETHYAN CLOSING DATE
AND EXTENSION OF ARRANGEMENT AGREEMENT

Adriatic Metals Plc (ASX:ADT, LON:ADT1) is pleased to announce that Tethyan Resource Corp. (TSX-V: TETH) ("Tethyan") has met the final substantive Condition Precedent to set a Closing Date pursuant to the Arrangement Agreement with Adriatic, and as such the anticipated Closing Date is 2 October 2020. As a result of this Adriatic Metals Plc and Tethyan have entered into a Letter of Amendment extending the Outside Date for closing the transaction to 9 October 2020, as the Arrangement originally contemplated a 30 September 2020 Outside Date.

For further information regarding the Arrangement, please refer to the management information circular dated July 13, 2020, available under Tethyan's profile on SEDAR at www.sedar.com .

Authorised by, and for further information please contact:

Paul Cronin
Managing Director & CEO
[e-mail]

** 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 ; @AdriaticMetals on Twitter; or contact:

Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton	Tel: [phone]
Tavistock Communications Limited
Charles Vivian	Tel: [phone]
Edward Lee	Tel:  [phone]
Gareth Tredway	Tel: [phone]
The Capital Network
Julia Maguire/Lelde Smits	Tel: [phone]

About Adriatic Metals

Adriatic Metals Plc (ASX:ADT, LON:ADT1) is a precious and base metals explorer and developer that owns the world-class advanced polymetallic Vares project in Bosnia & Herzegovina.

The Vares project consists of two high-grade polymetallic deposits, located at Rupice and Veovaca. Bosnia & Herzegovina is well-positioned in central Europe and boasts a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent scoping study announced on 19 November 2019 indicate an NPV₈ of US$917 million and IRR of 107%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production. There have been no material changes to the assumptions underpinning the forecast financial information and the technical parameters underpinning the updated Mineral Resource Estimate announced on 1 September 2020.

There have been no material adverse changes in the assumptions underpinning the forecast financial information or material assumptions and technical parameters underpinning the Maiden Resource Estimate since the original relevant market announcements which continue to apply.

 

END

 

 

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