Business
Financing and Debt Facility
Financing and Debt Facility.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n \nRNS Number : 7704Z AfriTin Mining Ltd 22 May 2019 \n\n22 May 2019\nAfriTin Mining Limited\n(\"AfriTin\", \"ATM\" or the \"Company\"\nand with its subsidiaries the \"Group\")\nPhase 1 Working Capital Financing Secured\nEquity Subscription and Execution of Debt Facility\nRelated Party Transaction\nAfriTin Mining Limited (AIM: ATM) is a mining company with a portfolio of tin assets in Namibia and South Africa. This includes the flagship near production asset that is being developed at the Uis Tin Mine in Namibia (\"Uis Mine\"). AfriTin is pleased to announce that it has secured additional financing to bring its Phase 1 Pilot Plant (the \"Plant\") at Uis into production, as well as a general working capital facility to ramp up to steady-state production.\nOn 1 February 2019, the Company announced a modification to the original Phase 1 Pilot Plant circuit. These plant additions provide for improved returns through additional production capacity and the addition of a magnetic separator to allow for the production of tantalum concentrate. The Directors believe that the successful completion and ramp up of the Plant will demonstrate a compelling business case, through a bankable feasibility study, for the Phase 2 development of the plant. Concurrent with the development of the Phase 1 Pilot Plant, a resource drilling programme to validate tonnages and grades for the production of a JORC-compliant mineral resource remains ongoing. In order to facilitate the finalisation of these two initiatives, and for working capital purposes, the Company has sourced additional financing.\nEquity Subscription\nThe Company can confirm today that it has completed an equity fundraising by way of a direct subscription of 99,613,074 ordinary shares of no par value in the Company (the \"Fundraising Shares\") at a price of 3 pence per Fundraising Share (the \"Fundraising Price\"), to raise approximately £3 million (before expenses). Hannam & Partners acted as brokers in connection with the direct subscription.\nThe Fundraising Price represents a discount of 9 per cent to the Closing Price on Friday 17 May 2019, the last trading day prior to the dispatch of the subscription letters. An application has been made for the Fundraising Shares, which will rank pari passu with the Company's existing issued share capital, to be admitted to trading on AI...