Aim-listed tin miner AfriTin Mining, with its flagship asset being the Uis tin mine, in Namibia, reports that the outstanding balance of £2.2-million of a 2019 convertible loan note of £3.8-million has been converted into ordinary shares in the company, while the balance has been settled in full in cash.
In addition, the outstanding 2020 loan note facility of £2.05-million and associated interest of £215 671, has also been settled in full, in cash.
In terms of the outstanding 2019 convertible loan notes, AfriTin reports that the holders of notes have elected to convert £758 547.95 of the outstanding amount, into fully paid ordinary shares in AfriTin.
The remaining portion – £1.76-million, including £328 493.15 of accrued interest – has been redeemed in cash.
Accordingly, AfriTin, on May 25, issued 18.96-million ordinary shares of no par value at a conversion price of 4p apiece to various holders of the 2019 convertible loan notes.
Meanwhile, AfriTin also reports that the Orange Trust – a substantial shareholder in AfriTin, holding 5.9% of the issued share capital – wholly owns and controls Yellow Dragon Holdings – a company converting its 2019 convertible loan notes.
As such, Yellow Dragon will receive 8.61-million ordinary shares, representing 0.8% of the issued share capital of AfriTin.
Accordingly the total holding of the Orange Trust in AfriTin, both direct and indirect, is now 73.49-million ordinary shares, representing 6.6% of the issued share capital of the company.