Adriatic Metals PLC announced that it has drawn down the third $30 million tranche of senior secured debt (Senior Secured Debt) from Orion Mine Finance for the Vares Project.
According to Adriatic, all conditions precedent for the $30 million third tranche of Senior Secured Debt have been met or waived, and the funds have been received.
On 10 January 2022, Adriatic announced the conclusion of a debt financing arrangement totalling $142.5 million with Orion, comprising:
- $120 million Senior Secured Debt; and
- $22.5 million Copper Stream.
On 30 December 2022, the first drawdown of $30 million from the Orion Debt Package was received. On 13 February 2023, the second $30 million of the Orion Debt Package and the $22.5 million Copper Stream were received. When necessary, the fourth tranche of the remaining $30 million of Senior Secured Debt will be drawn down.
The funds will be used for the continuation of construction of the Vares Silver Project in Bosnia and Herzegovina.
“I am pleased that the next tranche debt has been received from Orion Mine Finance. These funds will be used to continue the rapid construction of the world-class Vares Silver Project, which will deliver first concentrate production in November 2023. We remain fully funded,” Adriatic Managing Director and CEO Paul Cronin said.
