TSXV-listed Alphamin Resources has announced that it has raised C$19.2 million by issuing a total of 76,800,000 shares of the company at a price of C$0.25 per share through the closing of its previously announced non-brokered private placement.
The placement includes a subscription for 65,126,400 shares at the issue price by the company’s major shareholder, Tremont Master, and a subscription for 512,000 shares at the issue price by Alphamin CEO, Boris Kamstra.
The proceeds of the Alphamin offering will be applied to the continued development of the company’s 80.75% owned Bisie tin project and for general corporate purposes.
The shares issued pursuant to the placement are subject to a minimum hold period of four months and one day from the date of issuance, expiring on October 19, 2018.
The securities have not been and will not be registered under the United States Securities Act of 1933 or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Earlier this month Alphamin Resources completed a US$25 million draw-down under its previously announced credit facility of up to $80 million.
Alphamin also converted $3.396 million of debt due to Sprott Private Resource Lending, L.P., Barak Fund SPC and the company’s 44.86% shareholder, Tremont Master Holdings, in connection with the credit agreement into 17,389,387 common shares of the company at a price of C$0.25 per share.
The shares issued pursuant to the debt settlement are subject to a minimum hold period of four months and one day from the date of issuance, expiring on October 8, 2018.
The debt settlement remains subject to final approval of the TSX Venture Exchange.