UK-based exploration and development company Adriatic Metals has successfully completed an institutional placement, raising approximately A$75.8 million (US$50 million) through the issuance of 18,254,838 CHESS Depositary Interests (CDIs) at A$4.15 per CDI. The company announced that the placement received strong support from both existing shareholders and new institutional investors.
Simultaneously, OMF Fund III (F), advised by Orion Resource Partners (UK), sold around 12.1 million existing CDIs at the same offer price. Due to strong investor demand, Orion increased the size of its sell-down from eight million CDIs to approximately 12.1 million CDIs. After the completion of the offer, the company will retain around 12.1 million CDIs, representing approximately 3.7% of Adriatic’s issued ordinary share capital.
