AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis Tin Mine (“Uis”) in Namibia, announces that AfriMet Resources AG “AfriMet” has elected to convert all its outstanding convertible loan notes and associated interest.

Conversion of AfriMet convertible loan note

AfriMet has elected to convert its outstanding convertible loan notes, totalling £1,600,000 plus accrued interest of £195,945.21, into fully paid ordinary shares. This conversion will result in the Company issuing 44,898,630 ordinary shares at a conversion price of 4 pence per ordinary share. This conversion will result in AfriMet holding 5.1% of the enlarged issued share capital of the Company (they currently hold no other shares in the Company).

Accordingly, the AfriTin Board has today approved the issue of 44,898,630 Ordinary shares (“Conversion Shares”) of no-par value.

Application for Admission

An application has been made for the Conversion Shares to be admitted to trading on AIM (“Admission”). Dealings in the Conversion Shares are expected to commence on or around 19 February 2021.

Disclosure and Transparency Rules

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Conversion Shares its issued share capital will, upon Admission comprise 874,690,012 Ordinary Shares of no-par value (the “Enlarged Share Capital”). All of these Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 874,690,012 upon Admission. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

Anthony Viljoen, CEO of AfriTin Mining Limited commented:

“We welcome AfriMet onto the share register and the vote of confidence to convert their interest in the convertible note to ordinary equity. Following on from the announcement of earlier today, we look forward to a new partnership in marketing the additional credit of our tantalum concentrate from the Uis tin mine.”

Hadley Natus, CEO of AfriMet commented:

“Off the back of entering into its inaugural tantalum offtake agreement with AfriTin, AfriMet are delighted to partner with AfriTin as a supportive long-term shareholder.”

In the interview below, Anthony Viljoen provides an overview of the business and gives a snapshot of the tin market