Adventus sells Irish exploration projects
Adventus Mining Corporation has announced the completion of a deal to sell its Lismore, Millstreet and Charleville exploration projects in Ireland to privately-owned Australian exploration company BMEx Limited.
The deal, which will see Adventus take shares in BMEx, has been formalised in an investment and cooperation agreement between the parties, whereby BMEx has acquired all shares of a subsidiary company owned by Adventus.
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Under the transaction, BMEx, an exploration group primarily focused on zinc projects in Australia and Ireland, has issued 2,650,000 ordinary shares to Adventus, subject to additional shares being issued to Adventus if BMEx does not complete its planned initial public offering and listing on the Australian Securities Exchange by the beginning of December.
The Brisbane mineral explorer has previously announced details of the planned IPO.
Toronto-based Adventus, which is largely focused on exploration projects in Ecuador, has retained its Rathkeale and Kingscourt exploration project interests in Ireland.
It said that it "continues to pursue commercial opportunities for project advancement".
Sunday Indo Business