4th Aug 2020 06:58
AfriTin Mining Ltd - tin miner in Namibia - Raises GBP3.1 million through the issue of 145.2 million shares at 2.1 pence each. Placing price represents a 25% discount to the Friday closing price of 2.84p. New cash will be used to complete debottlenecking capital projects for the company's stage I plant, utilised for feasibility studies for the Phase 1 expansion, and for general working capital.
"I'm happy to announce this fundraise that will give the company confidence and headroom to continue to progress to our Phase 1 nameplate plant capacity of approximately 65 tonnes of tin concentrate per month, towards the end of the second half of 2020. As stated recently, our throughput is increasing steadily month-on-month, with optimisation work continuing to approach design capacity," said Chief Executive Anthony Viljoen
Separately, AfriTin notes it will be settling GBP201,118 of contractual fees through issue of shares. It added it has also agreed to issue shares in lieu of arrangement fees of GBP119,625
Current stock price: 2.30p
Year-to-date change: down 22%
By Ife Taiwo; [email protected]
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