RNS Number : 4248B

AfriTin Mining Ltd

30 September 2022

30 September 2022

AfriTin Mining Limited

("AfriTin" or the "Company")

Subscription Update

Further to the announcement of 16 September 2022, AfriTin provides the following update on the subscription by the Orange Trust.

As announced on 16 September 2022, the Orange Trust has subscribed for 173,320,000 new ordinary shares at a price of 5 pence per new ordinary shares ("Subscription Shares") (approximately GBP8.7m (the "Settlement Proceeds")). The Settlement Proceeds were due to be received by midday on 29 September 2022, but due to the delays in setting up the relevant account to receive the shares the Company has agreed to extend the settlement date for the Orange Trust to 7 October 2022.

Accordingly, application has been made for the Subscription Shares to be admitted to trading on AIM on or around 10 October 2022 ("Subscription Admission"). Following Admission of the Subscription Shares the Company's issued ordinary share capital will consist of 1,517,863,344 Ordinary Shares, with the right to one vote each. The Company will hold no Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,517,863,344. With effect from the Subscription Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please visit www.afritinmining.com or contact:

  AfriTin Mining Limited                +27 (11) 268 6555 
   Anthony Viljoen, CEO 
   Nominated Adviser                     +44 (0) 207 220 1666 
   WH Ireland Limited 
    Katy Mitchell 
   Corporate Advisor and Joint Broker 
   H&P Advisory Limited 
    Andrew Chubb 
    Jay Ashfield 
    Nilesh Patel                         +44 (0) 20 7907 8500 
   Stifel Nicolaus Europe Limited 
    Ashton Clanfield 
    Callum Stewart                       +44 (0) 20 7710 7600 
   Tavistock Financial PR (United 
    Kingdom)                             +44 (0) 207 920 3150 
   Emily Moss 
    Cath Drummond 
  About AfriTin Mining Limited 
  Notes to Editors 
  AfriTin Mining Limited is a 
  London-listed tech-metals mining 
  company with a vision to create 
  a portfolio of globally significant, 
  conflict-free, 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 strategy 
  to ramp-up production at the 
  Uis Tin Mine in Namibia to more 
  than 10,000 tonnes of tin concentrate 
  and 350,000 tonnes of lithium 
  concentrate in a Phase 2 expansion, 
  having reached Phase 1 commercial 
  production in 2020. The Company 
  strives to capitalise on the 
  solid supply/demand fundamentals 
  of tin and lithium by developing 
  a critical mass of resource 
  inventory, achieving production 
  in the near term and further 
  scaling production by consolidating 
  assets in Africa. 

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(END) Dow Jones Newswires

September 30, 2022 11:55 ET (15:55 GMT)

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