Business
Funding update and commissioning of pilot plant
Funding update and commissioning of pilot plant.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n18 July 2023\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.\nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\nIssue of unsecured convertible loan notes to raise £7.7million (c.US$10 million)\nCommissioning of the bulk sampling plant and tantalum circuit has commenced\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia is pleased to announce that it has raised £7.7million (c.US$10million) through the issue of 77 unsecured, convertible loan notes of £100,000 each (the \"Loan Notes\") to new and existing investors. The Company has also issued the holders of the Loan Notes two warrants for every £1 of Loan Note held. Each warrant enables the holder to subscribe for one ordinary share in the Company (the \"Warrants\"). More details of the Loan Notes and the Warrants are set out below.\n \nThe Company is pleased to confirm that it has also completed the construction phase of the bulk sampling plant and tantalum circuit. Commissioning has commenced, in accordance with the timetable detailed in the announcement dated 22 May 2023.\nHIGHLIGHTS\n· Completion of construction, and commencement of commissioning, of the lithium bulk sampling plant;\n· Completion of construction, and commencement of commissioning, of the tantalum production circuit; and\n· £7.7 million (cUS$10 million) raised through the issuance of unsecured convertible Loan Notes. Money raised will be used for the expansion of the tin, tantalum, and lithium exploration and production circuits, in line with the Company's stated objectives, and for working capital purposes.\nAnthony Viljoen, Chief Executive Officer, commented:\n\"The completion of the construction phase of the lithium bulk sampling facility is an important milestone for Andrada, as it allows the Company to advance its exciting lithium expansion programme. The team on the ground has worked extr...