ADRIATIC METALS PLC — AGM Information 2020

Aug 18, 2020

National Storage Mechanism | Additional information

RNS Number : 3836W

Adriatic Metals PLC

18 August 2020

Adriatic Metals PLC 

('Adriatic' or the 'Company')

Tethyan Resource Corp. Receives Shareholder Approval

for Plan of Arrangement with Adriatic Metals plc

Adriatic Metals PLC (ASX:ADT, LON:ADT1) is pleased to announce that during the annual general meeting of Tethyan Resource Corp held on 17 August 2020, holders of common shares of Tethyan  voted in favour of the special resolution to approve the proposed plan of arrangement (the "Arrangement") with Adriatic under the Business Corporations Act (British Columbia).

Closing of the Arrangement is anticipated to occur in September, subject to:

·    obtaining a final order of the Supreme Court of British Columbia expected on or about 20 August 2020;

·    obtaining final acceptance of the TSX Venture Exchange and London Stock Exchange;

·    completion of a spin-off transaction by EFPP d.o.o. expected to occur in September; and

·    customary conditions to closing.

Following closing Tethyan will apply to delist the common shares of Tethyan from the TSX Venture Exchange.

For further information regarding the proposed Arrangement and related transactions, please refer to the management information circular dated 13 July 2020, available under Tethyan's profile on SEDAR at www.sedar.com.

Authorised by, and for further information please contact:

Paul Cronin

Managing Director & CEO

info@adriaticmetals.com

** ENDS **

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. 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 www.adriaticmetals.com; @AdriaticMetals on Twitter; or contact:

Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton	Tel: +44 (0) 203 950 9138
Tavistock Communications Limited
Charles Vivian	Tel: +44 (0) 7977 297903
Edward Lee	Tel:  +44 (0) 7736 220565
Gareth Tredway	Tel: +44 (0) 7785 974264
The Capital Network
Julia Maguire/Lelde Smits	Tel: +61 2 8999 3699

About Adriatic Metals

Adriatic Metals Plc (ASX:ADT, LON:ADT1) is a precious and base metals explorer and developer that owns the world-class advanced polymetallic Vares project in Bosnia & Herzegovina.

The Vares project consists of two high-grade polymetallic deposits, located at Rupice and Veovaca. Bosnia & Herzegovina is well-positioned in central Europe and boasts a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent scoping study indicate an NPV8 of US$917 million and IRR of 107%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production.

There have been no material adverse changes in the assumptions underpinning the forecast financial information or material assumptions and technical parameters underpinning the Maiden Resource Estimate since the original relevant market announcements which continue to apply.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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