“Alphamin feels that a secondary inward listing on AltX will be an important step in facilitating the raising of a portion of the final US$31.4 million required to construct the Bisie tin project,” says Alphamin CEO Boris Kamstra.
“Currently there is strong demand in the South African market for investment in companies that earn US$-based revenue, and particularly for investment in mining companies with expected acceptable return metrics,” he notes.
Alphamin has strong South African connections through the key suppliers of services and materials to its Bisie tin project, and an existing relationship with the Industrial Development Corporation of South Africa (IDC) which is already invested in Alphamin Bisie Mining S.A – the project holding company.
“We believe that this knowledge base will position Alphamin well for a secondary inward listing on the AltX” says Kamstra.
A total of $140 million has been raised or committed for the Bisie tin project to date covering 81.4% of the total capital expected to be required for the project. The project has a peak funding requirement of $172.1 million, which includes an extra cost overrun amount of $15 million, in addition to the $8 million contingency already included in the project’s control budget estimate.
The IDC has committed to investing $13.7 million at the project level, and Tremont Master Holdings has committed to investing $24.7 million into the proposed Alphamin private placement, leaving a balance of $31.4 million to be filled by the private placement.
Following on from the company’s $22.3 million equity fundraising in July 2017, Alphamin also announced today (14 November 2017) that it has secured project debt funding of $80 million facility in a definitive credit agreement signed with a syndicate of lenders.
Alphamin is now focusing on raising the final US$31.4 million of equity funding required to complete the project total funding requirement.
The secondary inward listing on AltX is a key step in this final fundraising effort.