Business
Equity Placing and Subscription
Equity Placing and Subscription.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n \n \n RNS Number : 9620U\n AfriTin Mining Ltd\n 03 August 2020\n \n \n \n \n 3 August 2020\n \n \n AfriTin Mining Limited\n \n \n (\"AfriTin\", \"ATM\" or the \"Company\"\n \n \n and with its subsidiaries the \"Group\")\n \n \n Equity Placing and Subscription\n \n \n Additional Issue of Equity \n \n \n 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 that it has secured additional financing by way of a Placing and Subscription (\"the Fundraise\") to raise £3.05 million at a price of 2.1 pence per ordinary share.\n \n \n Highlights \n \n \n · \n Issue of 145 238 089 Ordinary Shares at a price of 2.1 pence per Ordinary Share (\"Fundraising Shares\") to raise £3.05 million (before expenses);\n \n \n · \n The price of 2.1p represents a discount of 25 per cent. to the Closing Price on 31 July 2020; \n \n \n · \n Dealings in the Fundraising Shares issued are expected to commence on 10 August 2020;\n \n \n · \n Fundraising proceeds to be used to underpin the Company's existing banking facilities, completion of the debottlenecking capital projects, continued feasibility studies for the Phase 1 expansion and for general working capital purposes; and, \n \n \n \n \n \n · \n Appointment of Turner Pope Investments (TPI) Limited as joint broker.\n \n \n \n \n \n \n \n \n Equity Placing and Subscription\n \n \n The Company can confirm today that it has completed a fundraising by way of a placing and direct subscription of 145 238 089 Ordinary Shares of no par value in the Company at a price of 2.1 pence per Fundraising Share (the \"Fundraising Price\"), to raise £3.05 million (before expenses). \n \n \n The Fundraising Price represents a discount of 25 per cent. to the Closing Price on 31 July 2020, the last trading day prior to the dispatch of the subscription letters. The Fundraising Shares will represent 18 per cent. of the total issued share capital in the Company on Admission.\n \n \n Use of Proceeds\n \n \n The Company continues to have support from its existing shareholders, with the majority of the Placing being subscribed for by the existing shareholders. The Company intends to apply the net proceeds of both the Placing and Subscription, in conjunction with its existing resources, \n to unde...