Peter Bilbe-led Adriatic Metals has announced a $10.8 million placement backed by major shareholder Sandfire Resources.
Under the institutional placement, Adriatic has issued 19.7 million shares at 55 cents each, with Ashanti Capital acting as lead manager.
The company’s shares are settled on the ASX in the form of CHESS Depositary Interests (CDIs).
Sandfire has maintained its 7.7 per cent stake in Adriatic with an $800,000 investment.
The company is focused on its Veovaca and Rupice projects in Europe.
Located in the Balkan region, Adriatic’s Veovaca project is an open-cut zinc, lead, barite and silver mine, which operated between 1983 and 1987.
The Rupice project, which is also located in the same region, is an exploration project prospective for base and precious metals.
Adriatic chief executive Geraint Harris said the company was delighted with the support received from the placement.
“Cash in bank following the placement is $15.5 million and Adriatic is now fully funded to accelerate its aggressive exploration program and development studies,” he said.
“The exploration focus will be drilling at Rupice (including the high-grade northern plunge) and its new and existing regional prospects across wider Vareš region associated with the recent concession annexure expansion.”