TIDMATM
RNS Number : 6288B
Andrada Mining Limited
05 June 2023
5 June 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
considered to be in the public domain.
Andrada Mining Limited
("Andrada" or the "Company")
Ordinary Shares to Commence Trading on OTCQB
Update on Financing
Andrada Mining Limited (AIM: ATM), an African technology metals
mining company with a portfolio of mining and exploration assets in
Namibia, is pleased to provide the following update:
HIGHLIGHTS
-- Andrada shares commence trading today on the OTCQB(R) to
access U.S retail investors and to broaden shareholder
register.
-- Execution of documentation for the Development Bank of Namibia ("DBN") finance facility.
Anthony Viljoen, CEO of Andrada, said : "Admission to the
OTCQB(R) Market is a key step in Andrada's strategy to broaden the
Company's investor base by making its shares more accessible to the
North American institutional and retail investors. This investor
base is known for its understanding of, and strong appetite, for
mining companies, particularly in lithium equities. To that effect,
Andrada will start marketing and outreach efforts to U.S based
investors in the coming months to increase awareness of our
significant near-term lithium project."
ADDITIONAL LISTING: OTCQB(R) MARKET TRADING
Andrada has qualified to trade on the OTCQB(R) Market (an
American financial market) and trading in the Company's ordinary
shares will commence trading on this market with effect from 5 June
2023. The trading of the Company's ordinary shares on AIM, a market
of the London Stock Exchange, and on the Namibian Stock Exchange,
remain unaffected by this additional listing. The Company's
on-boarding to the OTCQB(R) Market will allow Andrada's Shares to
be traded by new broker-dealers in the United States.
Hannam&Partners ( www.hannam.partners ) and STIFEL (
www.stifel.com ) will continue to be Andrada's joint corporate
brokers in the United Kingdom.
About OTCQB (R)
The OTC Market is recognised as an Established Public Market by
the U.S Securities and Exchange Commission, operated by OTC Markets
Group. It provides a trading platform to over approximately 12,000
U.S. and international companies seeking to strengthen visibility
and transparency in the U.S. public market.
The OTCQB(R) Market particularly aims to support entrepreneurial
and development stage companies such as Andrada to efficiently
build investor awareness and provide U.S investors with a seamless
trading facility, enabling investors to trade through the broker of
their choice more easily. To be eligible, companies must be current
in their financial reporting, pass a minimum bid price test, and
undergo an annual company verification and management certification
process. As a verified market with efficient access to U.S.
investors, OTCQB(R) aims to help companies build shareholder value
with a goal of enhancing liquidity and achieving a fair valuation.
Andrada would like to thank Nikolaos Galanopoulos of Galanopoulos
& Company, the corporate securities law firm that acted as
Sponsor for the Company's application to commence cross-trading on
the OTCQB(R).
UPDATE ON THE COMPANY'S DEBT FACILITIES
DBN N$100 million (US$5.5 million) Facility
On 2 June 2023, Andrada executed the contractual documentation
for the N$100 million (US$5.5 million) senior secured debt facility
with the Development Bank of Namibia ("the Facility"), as
anticipated. The terms are unchanged from that detailed in the
Company's announcement of 5 July 2022 - the Facility is for a 10
year term; for the first 12 months after execution no interest or
capital repayment required; and interest accrues at Namibian prime
lending rate (currently 11%) plus 2.5% per annum. Completion of the
Facility remains subject to a series of final conditions including
the execution of an inter-creditor agreement between the DBN and
Standard Bank (which has been agreed in principle) and finalisation
of the associated security package. Completion, and associated
drawdown, is anticipated to occur by the end of June 2023 and a
further update will be provided at that time.
Orion US$25 million financing
The conclusion of the US$25m funding facility with Orion Global
Resource Fund, detailed in the announcement dated 15 September 2022
remains subject to the finalisation of an intercreditor agreement
between Orion and the senior lenders DBN and Standard Bank. Further
updates will be provided in due course.
Andrada Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO Investorrelations@andradamining.com
Sakhile Ndlovu, Head of Investor
Relations
Nominated adviser
WH Ireland Limited
Katy Mitchell/Andrew de Andrade +44 (0) 207 220 1666
Corporate advisers and Joint
brokers
H&P Advisory Limited
Andrew Chubb
Jay Ashfield
Matt Hasson +44 (0) 20 7907 8500
Stifel Nicolaus Europe Limited
Ashton Clanfield
Callum Stewart
Varun Talwar +44 (0) 20 7710 7600
Financial PR
Tavistock (United Kingdom) +44 (0) 207 920 3150
Emily Moss andrada@tavistock.co.uk
Catherine Drummond
Adam Baynes
Notes to editors
About Andrada Mining Limited
Andrada Mining Limited is a London-listed technology metals
mining company with a vision to create a portfolio of globally
significant, conflict-free, production and exploration assets. The
Company's flagship asset is the Uis Mine in Namibia, formerly the
world's largest hard-rock open cast tin mine. Lithium laboratory
test work completed during the 2022 calendar year indicated a
high-grade, ultra-low iron lithium petalite concentrate. The test
work to convert lithium petalite concentrate to battery-grade
lithium hydroxide was initiated with Nagrom, a leading Australian
processing company, and commercial engagements with lithium
petalite concentrate off - takers are on-going.
An exploration drilling programme is currently underway with the
aim of expanding the tin resource over the fourteen additional,
historically mined pegmatites, all of which occur within a 5 km
radius of the current processing plant. The Company has set a
mineral resource target of 200 Mt to be delineated within the next
5 years. The substantial mineral resource potential allows the
Company to consider economies of scale. Andrada is managed by a
board of directors with extensive industry knowledge and a
management team with deep commercial and technical skills.
Furthermore, the Company is committed to the sustainable
development of its operations and the growth of its business. This
is demonstrated by the way the leadership team places significant
emphasis on creating value for the wider community, investors, and
other key stakeholders. Andrada has established an environmental,
social and governance system which has been implemented at all
levels of the Company and aligns with international standards.
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END
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