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LONDON (Alliance News) - AfriTin Mining Ltd said on Tuesday it has agreed to acquire Tantalum Investment (Pty) Ltd from Jan Jonathan Serfontein for GBP850,000, through the issue of 25.0 million shares at a price of 3.4 pence per share.
Shares in the Africa-focused mining company were down 5.6% at 3.30 pence on Tuesday.
Tantalum owns the Brandberg West Tin-Tungsten Mine, and Goantagab license, both in Namibia.
The initial exploration costs associated with these licenses are estimated to be GBP100,000 and does not include any exploration drilling at the current stage. AfriTin expects to put forward a plan of sampling and mapping over the next few months.
"This acquisition of Tantalum Investment is another positive step for AfriTin as we look to consolidate African tin assets and embark on a regional expansion drive in Namibia. During a recent exploration program, on our new licences and in the surrounding area, we identified a number of anomalous geological targets. Some of these targets had been mined in the past and we therefore believe in the overall potential of the Damaraland area, in Namibia," said Chief Executive Officer Anthony Viljoen.
Once the shares are issued, AfriTin Mining will have 544.6 million shares issued overall.
