Eastinco to rebrand, lists on LSE Main Market
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.
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