Adventus Zinc Closes C$10 Million Bought Deal Private Placement
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 21, 2017 /CNW/ - Adventus Zinc Corporation ("Adventus Zinc" or the "Company") announces that it has closed the previously announced private placement with a syndicate of underwriters co-led by Cormark Securities Inc. and Haywood Securities Inc., and including Red Cloud Klondike Strike Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Eight Capital and Raymond James Ltd. (collectively, the "Underwriters") pursuant to which the Company issued 11,363,637 common shares (the "Shares") at a price of C$0.88 per Share (the "Offering Price"), representing total gross proceeds of C$10 million (the "Offering").
The net proceeds of the Offering will be used by the Company to fund the Curipamba project in Ecuador and its Ecuadorian exploration alliance, general and administrative expenses, corporate activities as well as working capital for the Company.
The Underwriters were paid a cash fee of 6.0% of the aggregate gross proceeds of the Offering (1% in respect of president's list purchasers) and were issued an aggregate total of 154,925 broker warrants. Each broker warrant is exercisable to acquire one common share of the Company at a price of $0.88 for a period of 24 months from closing of the Offering. All securities issued under the Offering are subject to a hold period expiring April 22, 2018.
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.
About Adventus Zinc
Adventus Zinc is a unique company focused on zinc exploration and project development globally. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP and Resource Capital Funds, as well as other highly respected investors in the mining business. Adventus Zinc currently has large prospective land packages in both Ireland and Newfoundland and Labrador, Canada, and is earning a 75% ownership interest in the Curipamba polymetallic project in Ecuador. In addition, Adventus Zinc has a country-wide generative exploration alliance with its partner in Ecuador. The Company is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Adventus Zinc expect or anticipate will or may occur in the future including the use of proceeds from the Offering. Although Adventus Zinc has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus Zinc undertakes to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Zinc Corporation