• Adventus Mining (ADZN) has amended the terms of its bought deal financing
  • A syndicate of underwriters has agreed to purchase 11,538,461 common shares of the company for gross proceeds of approximately $6 million
  • Net proceeds will be used for exploration activities at the Santiago Project in Ecuador
  • The offering is expected to close on or about January 18, 2023
  • Adventus Mining Corporation is a copper-gold exploration and development company

Adventus Mining (ADZN) has amended the terms of its previously announced bought deal financing.

The syndicate of underwriters led by Raymond James Ltd. and National Bank Financial Inc. has agreed to purchase 11,538,461 common shares of the company for gross proceeds of approximately $6 million.

The company has granted the underwriters an over-allotment option, exercisable for a period of 30 days following the closing of the offering. Should the over-allotment option be fully exercised, the gross proceeds will be approximately $6.9 million.

The offering is expected to close on or about January 18, 2023.

Net proceeds will be used for exploration activities at the Santiago Project in Ecuador, including drilling, as well as for working capital and general corporate purposes.

Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company.

Adventus Mining Corporation (ADZN) is down 14.75 per cent on the day, trading at C$0.52 per share at 10:00 am ET.


More From The Market Online

Search suspended for SSR miners missing after Türkiye mine collapse

SSR Mining (TSX:SSRM) provided an update on the tragedy that struck its Çöpler gold operation in eastern Türkiye.

Canada Nickel completes initial infill drilling at Bannockburn Property

Canada Nickel Company (TSXV:CNC) has reported the first five holes at its Bannockburn Property's "B" zone have been drilled.

E3 Lithium selects technology for first commercial plant

E3 Lithium (TSXV:ETL) provided an update on the selection process for direct lithium extraction technology in its field pilot plant.

A high-value copper stock that keeps returning high grades

Koryx Copper Inc. (TSXV:KRY) is a Canadian mineral exploration company focused on the development of copper and molybdenum deposits.