AfriTin, a newly formed company which has acquired the tin assets of Bushveld Minerals Limited (“Bushveld”) in Namibia and South Africa, is pleased to announce that Admission and dealings in its Ordinary Shares on the AIM market of the London Stock Exchange commences at 08:00am today, 9 November 2017, under the ticker symbol ATM.
A placing and subscription for existing and new institutional and sophisticated private investors raised gross proceeds of £3.5 million with a further £1m raised from convertible loan notes that convert on admission, bringing the total amount raised to £4.5 million. On Admission, the Company will have 297,464,888 shares of nil par value in issue. AfriTin is expected to have a market capitalisation of £11.6 million on Admission.
The Company’s Admission Document will be available from Admission, on the AfriTin Website: http://afritinmining.com. WH Ireland is acting as the Company’s Nominated Adviser and sole Broker.
· AfriTin’s flagship asset, the Uis Tin project, is located in the Erongo Region, north-west Namibia, and is comprised of three separate mining licenses;
· Uis is a brownfield near-term production opportunity, which was once one of the largest opencast tin mine of its kind in the world;
· AfriTin will take advantage of the current global deficit for primary production tin and is the only AIM quoted, conflict-free tin mining company;
· The Project contains historical resource estimates (non JORC compliant) of over 70,000,000 tonnes of mineralised pegmatite, with approximately 95,000 tonnes of contained tin as prepared by SRK Consulting in 1989;
· Funds raised alongside a London admission are to progress the mine development plan at Uis and for working capital purposes;
· The London admission has allowed the Company to raise funds with a view to bringing the Uis project into early stage production; and,
· The company has an experienced management team who have proven success in the mining sector across a multiple jurisdictions.
The total number of Ordinary Shares with voting rights in the Company with effect from Admission is 297,464,888. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Anthony Vijoen, CEO commented:
“I’m pleased to announce our admission to the AIM market of the London Stock Exchange today. Following the successful transformation of Bushveld from an explorer to a producer, the de-merger allows AfriTin to become the only pure play tin company listed on AIM.”
“There is a widespread view in our markets that we may see a constraint in global tin supply. With initial funding secured to scale up our pilot plant from initial production to steady state production of 60 to 70tpm we believe are now well placed to take advantage of any market tightening with our near-production asset.”
“AfriTin has an experienced management team and board. We are confident that Uis will generate significant value for shareholders and we look forward to providing the market with updates as work progresses.”
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