Litigation Proceedings commenced by Sandfire

RNS Number : 6788U

Adriatic Metals PLC

30 July 2020

 

Adriatic Metals PLC

("Adriatic" or the "Company")

LITIGATION PROCEEDINGS COMMENCED BY SANDFIRE

Adriatic Metals Plc (ASX:ADT, LON:ADT1) refers to its previously announced Collaboration and Strategic Partnership Deed ("Deed") with its major shareholder, Sandfire Resources Limited ("Sandfire").

Sandfire has commenced legal proceedings in the Supreme Court of Western Australia against the Company. Sandfire's purported claims include a declaration that Adriatic has breached the Deed, specific performance of the Deed, damages, interest and costs.

Sandfire alleges that it was entitled to acquire a total of 4,127,139 shares in Adriatic, in the form of CHESS Depository Interests, at various issue prices pursuant to its anti-dilution right in the Deed.

The Company intends to vigorously defend these claims and will keep its securityholders informed of any material developments in this matter.

Authorised by:

Paul Cronin

Managing Director & CEO

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MARKET ABUSE REGULATION DISCLOSURE

The information contained within this announcement is deemed by the Company (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 the Company 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 : [phone]

Tavistock Communications Limited

Charles Vivian Edward Lee Gareth Tredway Tel: [phone] Tel:  [phone] Tel: [phone]

The Capital Network

Julia Maguire/Lelde Smits  Tel: [phone]

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.

 

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