Adventus Completes Transaction to Vend Lismore, Millstreet and Charleville Exploration Projects in Ireland to BMEx Limited
TORONTO, July 29, 2019 /CNW/ - Adventus Mining Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) is pleased to announce the completion of the previously announced transaction to vend its Lismore, Millstreet and Charleville exploration projects in Ireland to the privately-owned Australian exploration company BMEx Limited ("BMEx") in return for shares in BMEx (the "Transaction").
The Transaction has been formalized in an investment and cooperation agreement between the parties, whereby BMEx has acquired all shares of a subsidiary company owned by Adventus. Under the Transaction, BMEx has issued 2,650,000 ordinary shares to Adventus, subject to additional shares being issued to Adventus if BMEx does not complete its planned initial public offering and listing on the Australian Securities Exchange by December 1, 2019.
With the completion of the Transaction, Adventus retains its Rathkeale and Kingscourt exploration project interests in Ireland and continues to pursue commercial opportunities for project advancement.
BMEx is a privately-owned exploration group primarily focused on zinc projects in Australia and Ireland. BMEx completed private financing in 2018 and plans to complete its initial public offering on the Australian Securities Exchange in the second half of 2019. BMEx is based in Brisbane, Queensland, Australia.
Adventus is a well-financed exploration and project development company, focused in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold-zinc project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to date. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
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 expect or anticipate will or may occur in the future. Although Adventus have 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 undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation