Last checked at 25 Jan 2023 15:54
25 January 2023
Andrada Mining Limited
("Andrada" or the "Company")
Exercise of warrants and issue of equity
Andrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, announces that it has received notice from a warrant holder to exercise warrants over 20 000 000 (twenty million) ordinary shares in the Company at a price of 1.95 pence per ordinary share (the "Warrant Shares"). Application has been made for the admission of the Warrant Shares to trading on AIM, and the Company expects that the admission will become effective and dealings in the Warrant Shares will commence at 8.00 a.m. on 31 January 2023 ("Admission").
In accordance with the provisions of the Disclosure Guidance and Transparency Rules (DTR) of the Financial Conduct Authority, the Company confirms that upon Admission its issued share capital will comprise 1 537 863 344 Ordinary Shares of no-par value. All of the Company's Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 1 537 863 344 following Admission. This total voting rights figure may be used by shareholders as the denominator for calculations to determine whether they are required to notify their interests in, or a change to their interest in Andrada under the DTRs.
For further information please visit the Company's website: www.afritinmining.com or contact:
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About Andrada Mining Limited
Notes to Editors
Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. The Company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine.
Lithium laboratory test work completed during the 2022 calendar year indicated a high-grade, ultra-low iron lithium petalite concentrate. The test work to convert lithium petalite concentrate to battery-grade lithium hydroxide was initiated with Nagrom, a leading Australian processing company, and commercial engagements with lithium petalite concentrate off - takers are on-going.
An exploration drilling programme is currently underway with the aim of expanding the tin resource over the fourteen additional, historically mined pegmatites, all of which occur within a 5 km radius of the current processing plant. The Company has set a mineral resource target of 200 Mt to be delineated within the next 5 years. The substantial mineral resource potential allows the Company to consider economies of scale.
Andrada is managed by a board of directors with extensive industry knowledge and management team with deep commercial and technical skills. Furthermore, the Company is committed to the sustainable development of its operations and the growth of its business. This is demonstrated by how the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system which has been implemented at all levels of the Company and aligns with international standards.