TSX-V- and AltX-listed Alphamin Resources has raised C$19.2-million through the issue of 76.8-million shares at C$0.25 apiece.
As part of the private placement, first announced on May 28, Alphamin CEO Boris Kamstra subscribed for 512 000 shares.
The proceeds of the offering will be applied to the continued development of the company’s 80.75%-owned Bisie tin project, in the Democratic Republic of Congo (DRC), and for general corporate purposes.
The DRC government hold a 5% free-carried interest in the Bisie project, while the Industrial Development Corporation of South Africa holds a 14.25% stake.
The project is expected to be commissioned early in 2019, with the underground mine expected to produce about 10 000 t/y of tin over a 12-year mine life.