Source - LSE Regulatory
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 £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 £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
James Sinclair-Ford


+44 (0) 207 220 1666

Corporate Advisor Broker
Hannam & Partners
Andrew Chubb
Jay Ashfield
Nilesh Patel
 


+44 (0) 20 7907 8500

Joint Broker


Turner Pope Investments

Andy Thacker

 

 

+44 (0) 20 3657 0050

Financial PR (United Kingdom)
Tavistock
Jos Simson

Nick Elwes
Oliver Lamb

+44 (0) 207 920 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.

 

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