PERTH: Adriatic Metals Plc has completed the acquisition of Tethyan Resource Corp., a news release said.
Prior to completion of the Arrangement, Adriatic was deemed to have control and direction and beneficial ownership of 14.974 million common shares of Tethyan, representing 15.8% of the then issued and outstanding common shares of Tethyan, underlying its conversion rights under a loan agreement among Adriatic, Tethyan, and a subsidiary of Tethyan dated May 10, 2020, as amended, with respect to €1.8 million of the aggregate principal amount of the loan thereunder.
As a result of completion of the Arrangement, Adriatic acquired ownership and control of 100% of the outstanding common shares of Tethyan.
The foregoing percentages are based upon 79,994,867 common shares of Tethyan issued and outstanding as of the date hereof and amounts under the loan have been converted from Euros to Canadian dollars at an exchange rate of 1.51 Euros per Canadian dollar.
Adriatic Metals Plc (ASX:ADT, LON:ADT1) is a precious and base metals explorer and developer that owns the world-class advanced Vares silver project in Bosnia & Herzegovina. The Vares silver 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.