Aim-listed AfriTin Mining will acquire the entire issued share capital of Namibia-based private company Tantalum Investment (TI), which holds two exploration licences for tin, tantalum and other associated materials, from Jan Jonathan Serfontein.
TI is being acquired for £850 000, to be satisfied through the issue of 25-million ordinary AfriTin shares at a price of 3.40p.
All consideration shares are subject to a 12-month lock in period.
Included in the TI exploration licences is the Brandberg West tin/tungsten mine, as well as an additional observed mineralisation which included copper and potentially gold.
TI, currently, has no turnover or profit.
“This acquisition of TI is another positive step for AfriTin as we look to consolidate African tin assets and embark on a regional expansion drive in Namibia,” AfriTin CEO Anthony Viljoen commented on Tuesday.
He elaborated that during a recent exploration programme on the company’s new licences and the surrounding area, AfriTin identified a number of anomalous geological targets. Some of these targets, Viljoen explained, had been mined in the past.
"[Tuesday’s] acquisitions are no more than 80 km away from our flagship Uis mine and are, therefore, located in what was once a prolific tin-producing region. While bringing the Uis mine back into production remains our primary focus, we will begin early-stage exploration on these new licences, with the objective of reopening the whole region as a major tin province,” he averred.