AfriTin Mining Ltd Results of Placing (2962Y)
12 May 2021 - 04:00PM
UK Regulatory
TIDMATM
RNS Number : 2962Y
AfriTin Mining Ltd
12 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014)
AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
12 May 2021
AfriTin Mining Limited
("AfriTin", "ATM" or the "Company")
Results of Placing
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").
Highlights
-- Placing of 216,666,667 Ordinary Shares at a price of 6 pence
per Ordinary Share ("Fundraising Shares") to raise GBP 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."
Equity Placing
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 GBP
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.
For further information please visit www.afritinmining.com
or contact:
AfriTin Mining Limited
Anthony Viljoen, CEO +27 (11) 268 6555
Nominated Adviser
WH Ireland Limited
Katy Mitchell +44 (0) 207 220
James Sinclair-Ford 1666
Corporate Advisor Broker
Hannam & Partners
Andrew Chubb
Jay Ashfield +44 (0) 20 7907
Nilesh Patel 8500
Joint Broker
Turner Pope Investments +44 (0) 20 3657
Andy Thacker 0050
Financial PR (United Kingdom)
Tavistock
Jos Simson
Nick Elwes +44 (0) 207 920
Oliver Lamb 3150
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining Limited is the first pure tin company listed in
London and its vision is to create a portfolio of globally
significant, conflict-free, tin-producing assets. The Company's
flagship asset is the Uis Tin Mine in Namibia, formerly the world's
largest hard-rock open cast tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current two-fold strategy: fast-track the
Uis Tin Mine in Namibia to commercial production as Phase 1,
ramping up to 5,000 tonnes of concentrate in a Phase 2 expansion.
The Company strives to capitalise on the solid supply/demand
fundamentals of tin by developing a critical mass of tin resource
inventory, achieving production in the near term and further
scaling production by consolidating tin assets in Africa.
Market Abuse Regulation
This announcement contains inside information for the purposes
of UK MAR. Upon publication of this announcement, the inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
announcement on behalf of the Company is Anthony Viljoen.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROIDGGDUGBBDGBB
(END) Dow Jones Newswires
May 12, 2021 02:00 ET (06:00 GMT)
Andrada Mining (LSE:ATM)
Historical Stock Chart
From Feb 2024 to Mar 2024
Andrada Mining (LSE:ATM)
Historical Stock Chart
From Mar 2023 to Mar 2024