Adventus Mining Announces Exercise and Closing of Underwriters' Over-Allotment Option in Bought Deal Prospectus Offering
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Sept. 3, 2020 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSX-V: ADZN) is pleased to announce that in connection with its previously announced prospectus offering of 27,559,100 common shares (the "Shares") of the Company at a price of C$1.27 per Share (the "Offering") which closed on August 14, 2020, the underwriters have exercised their over-allotment option to acquire an additional 2,337,911 shares at C$1.27 per share resulting in additional aggregate gross proceeds of C$2,969,147. The Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Raymond James Ltd., Haywood Securities Inc., and National Bank Financial Inc., with participation by Cormark Securities Inc., BMO Capital Markets Inc., Eight Capital, and Laurentian Bank Securities Inc.
The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the Curipamba project, including the completion of a feasibility study for the El Domo copper-gold deposit, exploration activities at the Pijili and Santiago projects, and general administration and corporate purposes.
The Shares were offered by way of short form prospectus in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Shares were not offered or sold in the United States except under Rule 144A, Rule 506(b) of Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Underwriters received a cash commission equal to 5.5% of the gross proceeds from the sale of the Shares pursuant to the Offering, which commission was reduced to 2.75% or 1.0% in respect of certain president's list purchasers.
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.
Adventus Mining Corporation (ADZN.TSXV) is a unique copper-gold exploration and development company, focused primarily 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 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 copper-gold projects to date. Adventus also controls an exploration project portfolio in Ireland with South32 as funding partner as well as an investment portfolio of equities in several junior exploration companies. Adventus is based in Toronto, Canada, and is listed on the TSX Venture Exchange 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 expects or anticipates will or may occur in the future, including the use of proceeds from the Offering. 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 Mining Corporation