Alphamin Resources Completes USD12 Million Non-Brokered Private Placement

About this update from Alphamin Resources Corp.

[{"type":"text","content":" GRAND BAIE, Mauritius, April 08, 2019 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (TSXV: AFM, JSE AltX: APH, “Alphamin” or “the Company”) announced today that it has completed its previously announced non-brokered private placement of equity units (“Units”) raising gross proceeds of C$15,960,000 (approximately US$12 million) from the sale of 79,800,000 Units (the “Offering”). The Units were offered and sold at a price of C$0.20 per Unit with each Unit consisting of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of C$0.30 until April 8, 2022. All securities sold in the Offering, including any shares issued on exercise of the Warrants, are subject to a four month hold period in Canada expiring on August 9, 2019. Net proceeds from the Offering will be used to complete mine construction work on the Company’s Bisie Tin project and for working capital and general corporate purposes. Insiders of Alphamin, including the Company’s largest shareholder, Tremont Master Holdings, acquired 40,763,835 Units, or 51% of the Units sold under the Offering. As a result of the participation of insiders in the Offering, the Offering was considered to be a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”) and TSX Venture Exchange Policy 5.9 (“Policy 5.9”). The transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and Policy 5.9 however, as neither the fair market value of the securities issued to insiders nor the cash consideration paid for such securities exceeded 25% of Alphamin’s market capitalization. The participants in the Offering and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the Offering at least 21 days prior to the completion date. The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press rele...

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