https://www.miningweekly.com
Africa|Automotive|Business|Copper|Energy|Exploration|Flow|Manufacturing|Mining|Projects|Renewable Energy|Renewable-Energy|Resources|supply-chain|Flow|Manufacturing
Africa|Automotive|Business|Copper|Energy|Exploration|Flow|Manufacturing|Mining|Projects|Renewable Energy|Renewable-Energy|Resources|supply-chain|Flow|Manufacturing
africa|automotive|business|copper|energy|exploration|flow-company|manufacturing|mining|projects|renewable-energy|renewable-energy-company|resources|supply chain|flow-industry-term|manufacturing-industry-term

Eastinco to rebrand, lists on LSE Main Market

24th October 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Exploration and development company Eastinco Mining and Exploration’s shares have started trading on the LSE Main Market, with effect from October 24.

Eastinco had a successful £854 050 fundraising through the issue of ordinary shares, with net proceeds of £741 550 after settling advisory and broking costs associated with the admission.

The proceeds of the fundraise are to be used to fund further exploration across the acquired Morocco portfolio of copper and silver assets, further exploration and development of the tantalum/niobium and tin projects in Rwanda, and for general working capital and administrative costs.

It also successfully closing a £500 000 working capital debt facility provided by a trust connected to the company chairperson.

Eastinco also plans to file an application to change its name to Aterian, which the company expects to take effect later this week.

Prior to the company’s admission to the LSE, it completed the acquisition of Aterian Resources, an indirect subsidiary of TSX-V-listed Elemental Altus Royalties.

The acquisition included a portfolio of 15 copper/silver and base metal projects totalling an area of 762 km2 in Morocco.

On admission, Elemental Altus became the company’s largest shareholder, owning 25% of its issued share capital.

The company says the LSE listing provides investors with an opportunity to invest in Africa and specifically the critical and strategic minerals space, which it believes will grow over the coming decades owing to the development of the renewable energy, automotive and electronics manufacturing industries.

It also intends to develop its metals trading business in Rwanda, complying with international supply chain standards, as evidenced by the previously announced application to join the International Tin Supply Chain Initiative, an organisation committed to combatting the flow of conflict minerals into global markets through the establishment of responsible supply chains.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024
Implats CEO Nico Muller
Implats expecting phased reduction in group output
29th February 2024 By: Martin Creamer

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:0.132 0.171s - 92pq - 2rq
Subscribe Now