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    market news

    Adventus Announces C$12.1 Million Private Placement

    Olivia Da Silva
    May. 06, 2019 08:33AM PST
    Base Metals Investing

    Adventus Zinc has announced a C$12.1 million private placement of approximately 13.8 million common shares in the company, priced at C$0.876 per piece.

    Adventus Zinc (TSXV:ADZN,OTCQX:ADVZF) has announced a C$12.1 million private placement of approximately 13.8 million common shares in the company, priced at C$0.876 per piece.

    As stated in the press release:

    Consorcio Nobis, one of Ecuador’s largest private business conglomerates, is the lead participant in the offering by subscribing for C$7.38M, which will result in ownership of approximately 9.9 percent of the common shares of Adventus upon closing. Mr. Roberto Dunn, Executive Director of Nobis, will be nominated as a director of the company as part of an investment agreement and Adventus will grant Nobis the right to participate in future equity offerings so that it can maintain at least its pro rata ownership at the time of any such offering, up to a maximum of 9.9 percent of the common shares of Adventus. These rights are dependent on Nobis holding at least 9.9 percent of the outstanding equity at the time of closing of future equity offerings.

    The remainder of the financing is expected to result from the exercise, or partial exercise, of anti-dilution rights held by pre-existing strategic shareholders of Adventus, including Altius Minerals Corporation (TSX: ALS, OTCQX: ATUSF), Greenstone Resources, Resource Capital Funds and Wheaton Precious Metals Corp. (TSX: WPM, NYSE: WPM).

    Brian Dalton, Chairman of Adventus, commented:

    “On behalf of the Board of Directors, I would like to take this opportunity to welcome the Nobis Group, as an important new strategic shareholder, and its Executive Director Roberto Dunn to our board. Through this relationship, Adventus gains a depth of knowledge and experience that will best allow it to earn a respectful place in the development of Ecuador’s exciting mineral potential. The Nobis Group’s multi-generational success is rooted in its sincere commitment to the positive future of its home country and we look forward to working with the Nobis team to realize upon the full potential of this relationship.”

    Click here to read the full press release from Adventus Zinc.

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