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Adventus Zinc raising C$10M for Ecuador polymetallic project

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Adventus Zinc raising C$10M for Ecuador polymetallic project

Adventus Zinc Corp. said Dec. 4 that it entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and Haywood Securities Inc. to place, on a bought-deal basis, 11,363,637 shares at 88 Canadian cents each to raise C$10 million.

The company's strategic shareholders, including Altius Minerals Corp., Greenstone Resources LP and Resource Capital Funds, are expected to take part in the offering, which is expected to close by Dec. 21.

In addition, the underwriters have an option to purchase up to 1,704,546 additional shares at the same price. If the overallotment option is fully exercised, the proceeds will total C$11.5 million.

Net proceeds will be used to fund the Curipamba copper-gold-zinc project in Ecuador and its Ecuadorian Exploration Alliance, general and administrative expenses, corporate activities and working capital.

Adventus Zincis is earning a 75% stake in the Curipamba project under a September option agreement with Salazar Resources Ltd.