09:42 AM EDT, 05/01/2024 (MT Newswires) -- Adventus Mining ( ADVZF ) said on Wednesday that it closed its previously announced $25.6 million private placement of 67.4 million common shares at an issue price of $0.38 per share with Silvercorp.

Silvercorp now owns approximately 15% of Adventus, which plans to use the proceeds from the placement to repay the approximately $9.9 million outstanding under a credit facility with Trafigura Pte. That includes penalties due for the early repayment under the facility. The funds will also be used to settle the outstanding amounts payable pursuant to a convertible loan agreement between Adventus and Altius Resources in the amount of approximately $9.6 million and to pay for normal course activities at the El Domo project.

The common shares issued to Silvercorp are subject to a statutory four-month holding period that ends on Sept. 2.

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