Join our daily newsletter At The Bell to receive exclusive market insights
- Precious and base metals explorer Adriatic Metals (ADT) has consolidated its landholding in Serbia by acquiring the remaining 90 per cent of RAS Metals
- The company previously owned a 10 per cent stake through an option agreement held by its subsidiary Tethyan Resource Corp
- Upon exercising its option to acquire the remaining interest, Adriatic paid just over €1.36 million (roughly A$2.1 million) and issued 166,000 shares to the vendors of RAS Metals
- With the acquisition complete, Adriatic now wholly owns the Kizevak and Sastavci exploration licenses which together comprise the Raska Project
- Adriatic Metals up 4.59 per cent to $2.28 per share
Precious and base metals explorer Adriatic Metals (ADT) has consolidated its landholding in Serbia by acquiring the remaining 90 per cent of RAS Metals.
The company previously owned a 10 per cent stake in RAS Metals through an option agreement held by its subsidiary Tethyan Resource Corp, which Adriatic acquired in early October last year.
Upon exercising its option to achieve 100 per cent ownership, Adriatic paid just over €1.36 million (roughly A$2.1 million) and issued 166,000 shares to the vendors of RAS Metals.
A further €500,000 (roughly A$768,700) will be paid on May 14, 2022, with a further 498,000 shares to be issued in three equal tranches over the next three years.
Adriatic now has sole ownership of the Kizevak and Sastavci exploration licenses, which together comprise the Raska Project and cover 3.28 square kilometres.
Since the company acquired Tethyan, approximately 11,000 metres of diamond drilling has been completed at the project. This work focused largely on the southeast of Kizevak, where thick intersections of high-grade mineralisation had been drilled prior to Tethyan’s ownership.
An additional 25,000 metres of step-out drilling has been planned over the course of this year.
“From the work done following the completion of the Tethyan acquisition, exercising the option to acquire the remaining 90 per cent of RAS Metals was a simple decision to make,” said Paul Cronin, Managing Director and CEO of Adriatic Metals.
“We see significant exploration potential across the Raska Project and consolidating the region makes it easier to implement our strategy for Raska,” he added.
Adriatic Metals up 4.59 per cent to $2.28 per share at 2:05 pm AEDT.
