Kasbah, Pala enter agreement to advance Achmmach tin project
JOHANNESBURG (miningweekly.com) – To further advance its Achmmach tin project, in Morocco, ASX-listed Kasbah Resources has entered an agreement with mining investor Pala Investments, whereby the latter will acquire 138-million new shares at $0.027 apiece, raising $3.7-million before costs.
On closing of the placement, Pala will become a 19.9% shareholder in Kasbah, enabling the company to transition the 9.2-million tonnes project, at 0.77% tin, or about 71 300 t of contained tin, to a decision to mine next year.
Kasbah nonexecutive chairperson Gabrielle Moeller noted that the company was “excited to welcome Pala as a strategic investor” as its financial capabilities and extensive project financing and development skills would advance the project.
In addition to this placement, Kasbah intends to offer a one for six renounceable rights issue to all shareholders to raise up to an additional $2.66-million at an issue price of $0.023 apiece.
The rights issue is expected to be launched in early 2017 and close before mid-March 2017.
Kasbah will also seek to streamline its board of directors to reduce costs and reflect the entry of a strategic investor onto the register. The restructure will reorientate the board capabilities with respect to project financing and development to position the company to quickly advance the Achmmach tin project towards first production.
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