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AfriTin Mining has announced the successful completion of a placing to raise gross proceeds of approximately £10 million via an accelerated bookbuild.

Anthony Viljoen, CEO of AfriTin Mining comments:

“We are pleased to announce the 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.

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“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.”

Highlights:

  • Placing of 216,666,667 Ordinary Shares at a price of 6 pence per Ordinary Share to raise £13 million;
  • 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.