RNS18 Jul 2023 07:21
Https://uk.advfn.com/stock-market/london/andrada-mining-ATM/share-news/Andrada-Mining-Limited-Funding-update-and-commissi/91589123
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the African technology metals mining company with a portfolio of mining and exploration assets in Namibia is pleased to announce that it has raised GBP7.7million (c.US$10million) through the issue of 77 unsecured, convertible loan notes of GBP100,000 each (the "Loan Notes") to new and existing investors. The Company has also issued the holders of the Loan Notes two warrants for every GBP1 of Loan Note held. Each warrant enables the holder to subscribe for one ordinary share in the Company (the "Warrants"). More details of the Loan Notes and the Warrants are set out below.
The Company is pleased to confirm that it has also completed the construction phase of the bulk sampling plant and tantalum circuit. Commissioning has commenced, in accordance with the timetable detailed in the announcement dated 22 May 2023.
HIGHLIGHTS
-- Completion of construction, and commencement of commissioning, of the lithium bulk sampling plant;
-- Completion of construction, and commencement of commissioning, of the tantalum production circuit; and
-- GBP7.7 million (c US$10 million) raised through the issuance of unsecured convertible Loan Notes. Money raised will be used for the expansion of the tin, tantalum, and lithium exploration and production circuits, in line with the Company's stated objectives, and for working capital purposes.
Anthony Viljoen, Chief Executive Officer, commented:
"The completion of the construction phase of the lithium bulk sampling facility is an important milestone for Andrada, as it allows the Company to advance its exciting lithium expansion programme. The team on the ground has worked extremely hard to achieve this goal and on behalf of the Board, I would like to extend our sincere appreciation.
"I am also pleased to announce the Company has raised GBP7.7million via the issue of Loan Notes. The raise demonstrates the strong support that Andrada has from its existing shareholders and other investors. The proceeds are to be used for ongoing capital expansion programmes related to the lithium and tantalum development. In addition, the funds will be used for working capital purposes as Andrada progresses its exploration programme, and commences a lithium feasibility study, to further consolidate its competitive lithium advantage within the Erongo region of Namibia. These developments underpin the Directors' belief that Andrada is well-positioned to be a significant supplier of technology metals globally and to be the first AIM-listed lithium producer."
NOTE - THIS IS NOT THE WHOLE ANNOUNCEMENT
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