JSE-listed Alphamin Resources, which owns the Bisie tin mine, in the Democratic Republic of the Congo, has completed a previously announced offering of common shares, raising about $31-million.

The company issued for cash on a nonbrokered private placement basis 100.82-million common shares for gross proceeds of about $10-million.

Of this, 60.43-million shares, valued at about $6-million, were acquired by a major shareholder, investment holding company Tremont Master.

Directors and officers of Alphamin and their associates and affiliates acquired a further 4.67-million shares.

Alphamin also completed concurrent shares for debt transactions valued at about $21-million, which resulted  in the issue of 211.50-million additional common shares.

Of this, 191.36-million common shares were issued to Tremont for the assignment and transfer by Tremont to Alphamin of $19-million of the amount owning to Tremont under a senior secured credit facility entered into with Alphamin’s 80.75% subsidiary, Alphamin Bisie Mining (AFM).

A further 20.14-million common shares were issued to arm’s length third-party creditors of AFM under similar debt settlements.

Under the offering, Tremont, based in Grand Baie, Mauritius, acquired direct ownership of 251.79-million common shares. Prior to the offering, Tremont directly owned 420.88-million shares and warrants exercisable to acquire a further 100.35-million common shares of Alphamin.

Tremont now owns 672.67-million common shares, representing about 57% of the number of issued and outstanding common shares, as well as warrants to acquire up to a further 100.35-million common shares of Alphamin.

Assuming the exercise of all warrants by Tremont only and no other exercises, Tremont would own up to about 60.45% of the number of common shares of Alphamin on a partially diluted basis.

Tremont has advised that it has acquired the common shares in the offering for investment purposes and may, depending on the market and other conditions, increase or decrease its beneficial ownership of securities of the company, whether in the open market, by privately negotiated agreements or otherwise, subject to general market conditions and other available investment and business opportunities.