PE-backed Adventus Zinc closes $3M IPO

Ted Liu

Updated on:

Adventus Zinc Corporation (TSX-V: ADZN) has closed previously announced initial public offering (IPO) through the issuance of 6,000,000 common shares at $0.50 per share for gross proceeds of $3 million.

Haywood Securities Inc. acted as agent for the offering. McInnes Cooper and Farris, Vaughan, Wills & Murphy LLP acted as legal counsels to Adventus Zinc and the agent respectively.

Adventus Zinc now has approximately 45.6 million common shares outstanding and $9.8 million in working capital.

Adventus Zinc is a newly formed company focused on zinc exploration of a portfolio of projects in Ireland and Eastern Canada it acquired from Altius Minerals Corporation (TSX: ALS), as well as pursuing the acquisition of advanced zinc projects.

Adventus Zinc major shareholders include Altius Minerals (25.23%), Greenstone Resources II L.P. (16.66%), and Resource Capital Fund VI L.P. (16.66%)

photo credit: Altius Minerals