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AfriTin Mining Ltd - tin miner with asset in Namibia - Raises GBP13 million through placing of 216.7 million shares at a price of 6.0 pence each, reflecting a 13% discount to Tuesday's closing price of 6.86p.
Hannam & Partners acted as sole broker for the placing.
"We are very pleased to announce today's oversubscribed placing which puts the company into a position to expedite the phase 1 expansion of our flagship Uis Tin mine in Namibia at a time of unprecedented high tin prices. The proceeds also allow us to further investigate the exciting, significant lithium and tantalum by-product potential we have across our extensive resource base, and further exploration on our regional assets," said CEO Anthony Vijoen.
Afritin Mining now has 1.09 billion shares issued overall.
Current stock price: 6.35 pence, down 7.5%
Year-to-date change: up sharply from 2.45p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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