Strongbow Exploration, the company that is seeking to revive the South Crofty tin mine, in Cornwall, south-west England, has confirmed that it will plans to complete its listing on London’s Aim exchange in the first half of 2019.
The company, which already has a listing on the TSX-V, previously aimed for a London listing in 2018.
Strongbow said this week that it had ticked one of the Aim listing requirements by securing an extension of the share purchase agreement (SPA) with Galena Special Situations Master Fund and Tin Shield Production from December 31, 2018, to June 20, 2019.
The amended terms of the SPA require Strongbow pay $3-million in cash and $1.5-million in common shares payable immediately upon completion of an Aim listing, as well as a payment $6-million, payable in cash and/or shares at Strongbow’s election, payable within five business days of the company securing project financing to build a mine at South Crofty.
Strongbow previously said that it hoped to raise £25-million through the Aim listing to help fund the construction of the mine.
South Crofty, located in the towns of Camborne and Pool, was the last tin mine to close in Cornwall in 1998. The project has a valid mining licence until 2071 and has planning permission to build a new process plant. It has also secured a water discharge permit.
A February 2017 preliminary economic assessment estimates that South Crofty will have an after-tax net present value of $128.2-million and an internal rate of return of 24%. The preproduction capital expenditure of $113.6-million will be repaid in 3.8 years.