Troutman Pepper Locke advised long-standing client Adriatic Metals Plc (ASX: ADT, LSE: ADT1, OTCQX:ADMLF) on its successful two-tranche institutional placing to raise A$80 million (US$50 million) by the issue of over 20.5 million new shares.
Adriatic Metals is a precious and base metals mining company that owns the flagship Vares Silver Operation in Bosnia and Herzegovina, and the Raska Zinc-Silver Project in Serbia. The company intends to use the proceeds from the placing to secure long-lead items to fast-track the expansion of the Vares Processing Plant, initiate studies and workstreams at the Rupice Mine to support production growth, and provide spare capacity to de-risk ramp-up to nameplate production, which is anticipated in the second half of 2025.
The team advising Adriatic Metals was led by Nick Jennings and included Charlotte Whitley-Roberts.