Adventus Mining Corporation (TSX-V: ADZN) announced the closing of its previously announced bought deal public offering. The Offering was completed through a syndicate of underwriters led by Raymond James Ltd. and National Bank Financial Inc. as joint bookrunners of the Offering, including BMO Nesbitt Burns Inc., Cormark Securities Inc., Haywood Securities Inc., and PI Financial Corp. Pursuant to the Offering, the company issued a total of 13,269,230 common shares of the Company at a price of C$0.52 per Common Share, representing total gross proceeds of C$6,899,999.60, which includes full exercise by the Underwriters of their over-allotment option to acquire an additional 1,730,769 Common Shares under the same terms as the Offering.
The net proceeds of the Offering will be used for exploration activities at the Santiago Project, including drilling, as well as for working capital and general corporate purposes.
The Common Shares were offered by way of a prospectus supplement filed in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador on January 13, 2023 (the “Prospectus Supplement”), and elsewhere in reliance upon exemptions from registration or the applicable prospectus requirements under applicable securities laws. The Underwriters received a cash commission equal to 6.0% of the gross proceeds from the sale of the Common Shares pursuant to the Offering, which commission was reduced to 3.0% in respect of certain president’s list purchasers.
The Offering is subject to the final approval of the TSX Venture Exchange. A copy of the Prospectus Supplement is available under the Company’s SEDAR profile at www.sedar.com.
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 Common Shares in any state in which such offer, solicitation or sale would be unlawful. The Common Shares have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold in the United States (as such term is defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or in compliance with an applicable exemption therefrom.
About Adventus Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador.
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