Company Announcements

Allotment of Shares and Total Voting Rights

Source: RNS
RNS Number : 7462P
Adriatic Metals PLC
13 February 2023

13 February 2023


 Adriatic Metals PLC 

("Adriatic Metals" or the "Company")


Allotment of Shares and Total Voting Rights

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) announces that by agreement with the Company, certain of the Company's executives have elected to reinvest cash bonuses payable to them in new ordinary shares in the Company, as follows:

·      In lieu of paying such cash bonuses, the Company has on 13 February 2023 issued an aggregate of 258,760 new ordinary shares ("New Ordinary Shares") at an issue price of £1.70 per share.

·      The aggregate amount of the cash bonuses reinvested by the participating executives (none of whom are directors of the Company) is £439,892.

·      The issue price of £1.70 per New Ordinary Share represents the London Stock Exchange 30-day Volume Weighted Average Price (VWAP) as at the end of ‎‎December 2022, which date was determined by the Board of the Company as being fair and reasonable as at the period-end applicable to the Company's ‎annual staff performance evaluation process and determination of staff compensation‎.

Paul Cronin, Adriatic's Managing Director and CEO, commented:

"Our staff have worked tirelessly in 2022 to deliver the Vares Silver Project in a difficult macro-economic environment. Their request to convert their 2022 performances payments to equity in Adriatic increases management alignment to shareholder value and clearly demonstrates their ongoing commitment to the Company's success."

Certain of the participating executives have authorised the Company (via its brokers) to arrange the sale of a portion of their New Ordinary Shares in order to cover tax liabilities.  

The Shares allotted rank pari passu in all respects with the existing ordinary shares of the Company.

Applications will be made to the Financial Conduct Authority ("FCA") for admission of the New Ordinary Shares to ‎the standard segment of the FCA's Official List and to the London Stock Exchange for admission of ‎the Shares to trading on the London Stock Exchange's Main Market for listed securities ‎‎("Admission"). Admission is expected to take place on or around 16 February 2023‎.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 273,338,593 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of 273,338,593 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in, the Company.


Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK Market Abuse Regulation").

The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.





For further information please visit; @AdriaticMetals on Twitter; or contact:


Adriatic Metals PLC

Paul Cronin / Klara Kaczmarek

Via Buchanan


Tel: +44 (0) 20 7466 5000

Bobby Morse/ Oonagh Reidy 

Canaccord Genuity Limited (Joint Corporate Broker)


Jeremy Dunlop (Australia)

Tel: +61 2 9263 2700

James Asensio (UK)

Tel: +44 (0) 207 523 8000

RBC Capital Markets (Joint Corporate Broker)


Jamil Miah

Tel: +44 (0) 20 7653 4000

Stifel Nicolaus Europe Limited (Joint Corporate Broker)

Ashton Clanfield / Callum Stewart

Tel: +44 (0) 20 7710 7600

Citadel Magnus

Cameron Gilenko

Tel: +61 2 8234 0100


Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Project in Bosnia & Herzegovina, as well as the Raska Project in Serbia.


The Vares Project is fully funded to first concentrate production, which is expected in Q3 2023. The 2021 Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 42km2 concession package.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 19 August 2021 DFS announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

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