AfriTin Mining Ltd - tin miner with asset in Namibia - Signs new tin concentrate offtake agreement with Thailand Smelting & Refining Corp for an extension for a further three years until November 30, 2023, relating to delivery of product at Walvis Bay Cargo Terminal in Namibia. Concludes offtake agreement with AfriMet Resources AG for its future tantalum production from the Uis tin mine for a twelve-month period, with the option to renew for a further three years upon mutual consent. Says terms of the agreement include the option for an advanced payment to the value of 50% of the expected cargo value based on the agreed price for the expected delivery, with a limit of USD500,000.
Additionally, AfriTin says AfriMet has converted its outstanding convertible loan notes of GBP1.6 million, plus interest of GBP195,945, into shares. This will result in the issue of 44.9 million shares at a conversion price of 4 pence per share, with AfriMet holding a 5.1% stake in AfriTin.
"We welcome AfriMet onto the share register and the vote of confidence to convert their interest in the convertible note to ordinary equity. Following on from the announcement of earlier today, we look forward to a new partnership in marketing the additional credit of our tantalum concentrate from the Uis tin mine," says AfriTin Chief Executive Anthony Viljoen.
Current stock price: 4.30 pence, up 7.5% on Monday
Year-to-date change: up 76%
By Zoe Wickens; zoewickens@alliancenews.com
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