AfriTin raises £13m
AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis Tin Mine (“Uis”) in Namibia, is pleased to announce the successful completion of the placing via accelerated bookbuild as announced yesterday afternoon (the “Placing”).
- Placing of 216,666,667 Ordinary Shares at a price of 6 pence per Ordinary Share (“Fundraising Shares”) to raise £13 million (before expenses);
- The price of 6 pence represents a discount of 12.5 per cent. to the Closing Price on 11 May 2021; and
- Dealings in the Fundraising Shares issued are expected to commence on 18 May 2021.
Anthony Viljoen, CEO of AfriTin Mining Limited, commented:
“We are very pleased to announce today’s oversubscribed Placing which puts the Company into a position to expedite the Phase 1 expansion of our flagship Uis Tin Mine in Namibia at a time of unprecedented high tin prices. The proceeds also allow us to further investigate the exciting, significant lithium and tantalum by-product potential we have across our extensive resource base, and further exploration on our regional assets. The tin market continues to perform well, and we look forward to the added potential of these two by-products which are becoming increasingly essential components in the new technologies industry.
I would like to thank our existing investors for further supporting the Company during this exciting next stage of development and welcome several new institutional investors to our register.”
The Company can confirm today that it has completed a fundraising by way of an accelerated bookbuild of 216,666,667 Ordinary Shares of no-par value in the Company at a price of 6 pence per Fundraising Share (the “Fundraising Price”), to raise £13 million (before expenses).
The Fundraising Price represents a discount of 12.5 per cent. to the Closing Price on 11 May 2021, the last trading day prior to the date of this announcement. The Fundraising Shares will represent 19.9 per cent. of the total issued share capital in the Company on Admission.
Hannam & Partners acted as sole broker in relation to the Placing.
Application for Admission
An application has been made for the Fundraising Shares to be admitted to trading on AIM (“Admission”). Dealings in the Fundraising Shares are expected to commence on or around 18 May 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 Fundraising Shares its issued share capital will comprise 1,091,356,679 Ordinary Shares of no-par value upon Admission (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 1,091,356,679 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 DTRs.
In the interview below, Anthony Viljoen provides an overview of the business and gives a snapshot of the tin market
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