Alphamin to raise $15m through private placement
JSE-listed tin exploration and mining company Alphamin Resources intends to raise about C$19.2-million, or $15-million, through a nonbrokered private share placement, to fund the continued development of the company’s 80.7%-owned Bisie tin project, in the Democratic Republic of Congo (DRC).
The private placement is intended to be completed with Alphamin’s 44.8%-owned shareholder Tremont Master Holdings for up to 76.8-million common shares of the company, at a price of C$0.25 a share.
The Bisie tin project partners include the DRC government, which has a free carried interest of 5% and the Industrial Development Corporation of South Africa, which has an interest of 14.25%.
Meanwhile, Alphamin has called the next drawdown pursuant to the previously announced credit facility of up to $80-million, which is expected to be received in early June.
Additionally, the company intends to convert, subject to TSX approval, $3.3-million of debt, which will become due to Sprott Private Resource Lending, Tremont Master Holdings and Barak Fund, into about 17.3-million common shares concurrently with the drawdown. This is in accordance with the terms of the credit facility.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
