On its admission to the AIM market and its first day of dealings, AfriTin Mining will have 297 464 888 shares with voting rights in AfriTin in issue and is expected to have a market capitalisation of £11.6 million.
A placing and subscription for existing and new institutional and sophisticated private investors raised gross proceeds of £3.5 million with a further £1 million raised from convertible loan notes that convert on admission, bringing the total amount raised to £4.5 million.
AfriTin Mining is a newly formed company which has acquired the tin assets of Bushveld Minerals in Namibia and South Africa.
“Following the successful transformation of Bushveld Minerals from an explorer to a producer, the de-merger allows AfriTin to become the only pure play tin company listed on AIM,” comments AfriTin CEO Anthony Vijoen.
[quote] AfriTin will take advantage of the current global deficit for primary production tin and is the only AIM quoted, conflict-free tin mining company.
“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 70 tpm we believe are now well placed to take advantage of any market tightening with our near-production asset,” he continues.
“AfriTin has an experienced management team and board. We are confident that the Uis tin project in Namibia (Uis) will generate significant value for shareholders and we look forward to providing the market with updates as work progresses,” says Vijoen.
AfriTin’s flagship Uis tin project is located in the Erongo Region, north-west Namibia.
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. The project contains historical resource estimates (non JORC compliant) of over 70 000 000 t of mineralised pegmatite, with approximately 95 000 t 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 AfriTin to raise funds with a view to bringing the Uis project into early stage production and AfriTin has an experienced management team who have proven success in the mining sector across a multiple jurisdictions.
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