Adventus Enters into Heads of Agreement to Vend the Lismore, Fermoy, Millstreet and Charleville Projects to BMEx Limited in Return for Shares
TORONTO, Feb. 7, 2019 /CNW/ - Adventus Zinc Corporation (TSXV: ADZN, OTCQX: ADVZF) ("Adventus") is pleased to announce that is has entered into a heads of agreement to vend its Lismore, Fermoy, 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 is to be formalized in a share sale and purchase agreement between the parties, whereby BMEx will acquire shares of a subsidiary company owned by Adventus. Adventus shall retain its Rathkeale and Kingscourt exploration project interests in Ireland.
Under the Transaction, BMEx will issue 2,650,000 ordinary shares priced at A$0.20 per share 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 July 1, 2019.
Sam Leung, Vice President Corporate Development of Adventus, commented: "Following Adventus' Newfoundland consolidation transaction with Canstar Resources Inc. in 2018, we are pleased to announce this transaction with BMEx to consolidate and advance several prospective exploration projects in south-western Ireland. This transaction also provides exposure to additional quality base metal projects in Ireland, world class base metal regions in Australia, and a team with a track record of successful discoveries – while allowing Adventus to further focus its efforts on its advanced-stage Curipamba project and exploration in Ecuador."
The Transaction will be subject to approvals from the Exploration and Mining Division – Department of Communications, Climate Actions and Environment of the Republic of Ireland, and TSX-V approval for Adventus.
BMEx is a privately-owned exploration group and project generator focused on zinc, silver and cobalt in Australia and Ireland. Its current portfolio comprises of four projects in Australia (Broken Hill, Mt. Isa, McArthur River, and Amadeus Basin) and two projects in Ireland (Midlands and Southern Ireland). BMEx completed private financing in 2018 and plans to complete its initial public offering on the Australian Securities Exchange in the first half of 2019. BMEx is based in Brisbane, Queensland, Australia.
Adventus is a well-financed exploration and project development company, focused primarily in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, and Wheaton Precious Metals Corp.; as well as other highly respected investors in the mining business. The focus of Adventus is the 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, incorporating two projects to date. Elsewhere globally, Adventus owns a large prospective mineral land package in Ireland totalling 1,950 km2 and, through its ownership interest in Canstar Resources Inc., is actively participating in the exploration upside of a prospective mineral land package in Newfoundland and Labrador, Canada totalling 550 km2. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN and 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 expects or anticipates will or may occur in the future, including statements about entering into a definitive agreement with BMEx and the listing of BMEx's shares on the Australian Securities Exchange. Although Adventus 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 undertakes to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Zinc Corporation