Adriatic Metals draws down second tranche of debt financing for Vares
(Alliance News) – Adriatic Metals PLC on Monday said it has drawn down on the second tranche of its senior secured debt in order to continue constructing the Vares project in Bosnia & Herzegovina.
Adriatic Metals is a Cheltenham, England-based precious and base metals developer, with licences in Bosnia & Herzegovina and Serbia. The Rupice underground deposit comprises part of the Vares silver project, which is the company’s flagship asset in Bosnia.
The company has drawn down on the second USD30 million tranche of senior secured debt and the USD22.5 million copper stream from Orion Mine Finance.
On January 10, Adriatic completed a USD142.5 million debt financing package with Orion, comprising USD120 million senior secured debt and a USD22.5 million copper stream. The first draw down of USD30 million of the Orion debt package was received on December 30. The third and fourth tranches of the remaining USD60 million of senior secured debt will be drawn down in 2023 when required, Adriatic said.
The USD142.5 million Orion debt package and institutional equity raise of USD102 million make up the total USD244.5 million Vares Project financing package. The project is fully funded, with first concentrate production expected in the third quarter of this year.
By Holly Beveridge; Alliance News reporter
Comments and questions to email@example.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.