Adventus Mining Corporation (TSX-V: ADZN) is pleased to announce that in connection with its previously announced prospectus offering of 27,559,100 common shares of the Company at a price of C$1.27 per Share which closed on August 14, 2020, the underwriters have exercised their over-allotment option to acquire an additional 2,337,911 shares at C$1.27 per share resulting in additional aggregate gross proceeds of C$2,969,147. The Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Raymond James Ltd., Haywood Securities Inc., and National Bank Financial Inc., with participation by Cormark Securities Inc., BMO Capital Markets Inc., Eight Capital, and Laurentian Bank Securities Inc.
The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the Curipamba project, including the completion of a feasibility study for the El Domo copper-gold deposit, exploration activities at the Pijili and Santiago projects, and general administration and corporate purposes.
The Shares were offered by way of short form prospectus in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Shares were not offered or sold in the United States except under Rule 144A, Rule 506(b) of Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Underwriters received a cash commission equal to 5.5% of the gross proceeds from the sale of the Shares pursuant to the Offering, which commission was reduced to 2.75% or 1.0% in respect of certain president’s list purchasers.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any state in which such offer, solicitation or sale would be unlawful. The Shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Adventus Mining Corporation is a unique copper-gold exploration and development company, focused primarily in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago copper-gold projects to date. Adventus also controls an exploration project portfolio in Ireland with South32 as funding partner as well as an investment portfolio of equities in several junior exploration companies.
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We acknowledge the [financial] support of the Government of Canada.