Adventus Mining Corporation (TSX-V: ADZN; OTCQX: ADVZF) announces the second and final closing of its previously announced brokered private placement (please refer to the August 7, 2019 press release) with a syndicate of underwriters led by Raymond James Ltd., and including Haywood Securities Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Laurentian Bank Securities Inc., Beacon Securities Limited and Red Cloud Klondike Strike Inc. The Second Closing resulted in the issuance of 2,761,300 common shares of the Company to Greenstone Resources II L.P. an existing strategic investor of the Company, at a price of C$1.00 per Share representing total gross proceeds of C$2,761,300. A total of C$14,261,300 was raised under both the first closing which occurred on August 7, 2019 and the Second Closing.
The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the Curipamba project, exploration and development activities within the Ecuador Exploration Alliance, including the Pijili and Santiago projects, and for general administration and corporate purposes.
The Shares issued pursuant to the Offering are subject to a statutory four months and one day hold period expiring December 8, 2019 for Shares issued at the First Closing and December 10, 2019 for Shares to be issued at the Second Closing.
The Underwriters were paid a 6% cash commission on proceeds under the Offering (being C$612,000), with the exception of the proceeds from Greenstone and Resource Capital Funds VI L.P. which had a cash commission of 1% (being C$40,613). Greenstone and RCF participated in the Offering for an aggregate of C$4,061,300.
Adventus is a well-financed exploration and project development company, focused 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. The focus of Adventus is the advancement of the Curipamba copper-gold-zinc 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, incorporating the Pijili and Santiago projects to date.
FIREWEED ZINC LTD. (TSX-V: FWZ) is pleased to announce results fr... READ MORE
Metallis Resources Inc. (TSX-V: MTS) (OTCQB: MTLFF) is pleased to... READ MORE
Universal Copper Ltd. (TSX-V:UNV) (Frankfurt: 3TA1) is pleased to... READ MORE
Liberty Gold Corp. (TSX:LGD) is pleased to provide an update on f... READ MORE
Erdene Resource Development Corp. (TSX:ERD) (MSE:ERDN) is ... READ MORE