The High Court of Justice in England and Wales has sanctioned Dundee Precious Metals’ (DPM) acquisition of Adriatic Metals.
In June, DPM announced an agreement to acquire all issued and to be issued ordinary shares of Adriatic Metals.
The transaction involves the Vareš silver-lead-zinc-gold mine in Bosnia and Herzegovina.
This deal, valued at approximately $1.3bn (C$1.79bn), is set to bolster DPM’s production capabilities and extend the mineral reserve life.
Under the terms of the acquisition, shareholders of Adriatic Metals will receive 0.1590 of a DPM common share and 93p in cash for each Adriatic share.
The scheme will be fully effective following the delivery of the court order to the Registrar of Companies, with an anticipated closing date of 3 September 2025.
Upon the effective date, Adriatic Metals’ share certificates will no longer be valid, and entitlements to shares held in uncertificated form will be cancelled.
DPM has also received approval for admission to the official list of the Australian Securities Exchange (ASX), as an ASX Foreign Exempt Listing subject to conditions.
The official quotation of DPM’s CHESS Depositary Interests on the ASX is expected to be announced post-completion of the transaction.
Herbert Smith Freehills Kramer is advising Adriatic on English and Australian law, while Stikeman Elliott is providing guidance on Canadian law regarding the acquisition.
Bryan Cave Leighton Paisner is advising DPM on English law, Cassels Brock & Blackwell on Canadian law and Gilbert + Tobin on Australian law.
“UK court approves Dundee Precious Metals’ acquisition of Adriatic Metals” was originally created and published by Mining Technology, a GlobalData owned brand.
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