Business
Completion of Bank Windhoek Funding Agreement
Completion of Bank Windhoek Funding Agreement.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n\n \n \n7 August 2024\n \n \n \nThe 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 will be in the public domain.\n \nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\n\nCompletion of the NAD 175 million Bank Windhoek Limited Funding Agreement\nFurther to the announcement of 19 March 2024, Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African critical raw materials producer with a portfolio of mining and exploration assets in Namibia, confirms that its subsidiary, Uis Tin Mining Company (\"UTMC\") has concluded the NAD 175 million (c.£7.5 million) funding agreements with Bank Windhoek Limited (\"BWL\"). These facilities replace UTMC's current banking facilities with immediate effect. The proceeds will be allocated primarily to retirement of existing facilities, growth initiatives, and working capital. The funding has been concluded following the fulfilment of conditions precedent, including receipt of all required consents and documentation.\nAnthony Viljoen, Chief Executive Officer, commented:\n\"We are proud to have finalised a significant funding agreement for a mining company by Bank Windhoek. This partnership underscores our commitment to Namibia and its thriving mining industry. The funds will be instrumental in accelerating our exploration efforts, enhancing our production capabilities, and creating new job opportunities for Namibians. We are confident that this investment will not only benefit UTMC but also contribute to the overall economic development of the country.\"\nBaronice Hans, BWL Chief Executive Officer, commented:\n\"Bank Windhoek is committed to fostering progressive partnerships with businesses through funding to provide impetus to local economic growth. Namibia presents a compelling investment opportunity for our bank due to its stable political climate, robust legal framework for mining operations, and abundant natural resources. The mining sector has a proven track record of success and offers significant potential for growth. We believ...