https://www.miningweekly.com

Alphamin to raise $15m through private placement

28th May 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE-listed tin exploration and mining company Alphamin Resources intends to raise about C$19.2-million, or $15-million, through a nonbrokered private share placement, to fund the continued development of the company’s 80.7%-owned Bisie tin project, in the Democratic Republic of Congo (DRC).

The private placement is intended to be completed with Alphamin’s 44.8%-owned shareholder Tremont Master Holdings for up to 76.8-million common shares of the company, at a price of C$0.25 a share.

The Bisie tin project partners include the DRC government, which has a free carried interest of 5% and the Industrial Development Corporation of South Africa, which has an interest of 14.25%.

Meanwhile, Alphamin has called the next drawdown pursuant to the previously announced credit facility of up to $80-million, which is expected to be received in early June.

Additionally, the company intends to convert, subject to TSX approval, $3.3-million of debt, which will become due to Sprott Private Resource Lending, Tremont Master Holdings and Barak Fund, into about 17.3-million common shares concurrently with the drawdown. This is in accordance with the terms of the credit facility.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.118 0.152s - 90pq - 2rq
Subscribe Now