TIDMATM TIDMBMN
RNS Number : 9707V
AfriTin Mining Ltd
09 November 2017
9 November 2017
AfriTin Mining Limited
("AfriTin" or the "Company" and together with its subsidiaries
the "Group")
Admission to AIM and First Day of Dealings
AfriTin, a newly formed company which has acquired the tin
assets of Bushveld Minerals Limited ("Bushveld") in Namibia and
South Africa, is pleased to announce that Admission and dealings in
its Ordinary Shares on the AIM market of the London Stock Exchange
commences at 08:00am today, 9 November 2017, under the ticker
symbol ATM.
A placing and subscription for existing and new institutional
and sophisticated private investors raised gross proceeds of GBP3.5
million with a further GBP1m raised from convertible loan notes
that convert on admission, bringing the total amount raised to
GBP4.5 million. On Admission, the Company will have 297,464,888
shares of nil par value in issue. AfriTin is expected to have a
market capitalisation of GBP11.6 million on Admission.
The Company's Admission Document will be available from
Admission, on the AfriTin Website: http://afritinmining.com. WH
Ireland is acting as the Company's Nominated Adviser and sole
Broker.
Highlights
-- AfriTin's flagship asset, the Uis Tin project, is located in
the Erongo Region, north-west Namibia, and is comprised of three
separate mining licenses;
-- Uis is a brownfield near-term production opportunity, which
was once one of the largest opencast tin mine of its kind in the
world;
-- AfriTin will take advantage of the current global deficit for
primary production tin and is the only AIM quoted, conflict-free
tin mining company;
-- The Project contains historical resource estimates (non JORC
compliant) of over 70,000,000 tonnes of mineralised pegmatite, with
approximately 95,000 tonnes of contained tin as prepared by SRK
Consulting in 1989;
-- Funds raised alongside a London admission are to progress the
mine development plan at Uis and for working capital purposes;
-- The London admission has allowed the Company to raise funds
with a view to bringing the Uis project into early stage
production; and,
-- The company has an experienced management team who have
proven success in the mining sector across a multiple
jurisdictions.
The total number of Ordinary Shares with voting rights in the
Company with effect from Admission is 297,464,888. This figure may
be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest
in, or a change of their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Anthony Vijoen, CEO commented:
"I'm pleased to announce our admission to the AIM market of the
London Stock Exchange today. Following the successful
transformation of Bushveld from an explorer to a producer, the
de-merger allows AfriTin to become the only pure play tin company
listed on AIM."
"There is a widespread view in our markets that we may see a
constraint in global tin supply. With initial funding secured to
scale up our pilot plant from initial production to steady state
production of 60 to 70tpm we believe are now well placed to take
advantage of any market tightening with our near-production
asset."
"AfriTin has an experienced management team and board. We are
confident that Uis will generate significant value for shareholders
and we look forward to providing the market with updates as work
progresses."
Enquiries:
AfriTin Limited
+27 (11) 268
Anthony Vijoen (CEO) 6555
Nominated Adviser and
Broker
WH Ireland Limited
Katy Mitchell
Adrian Hadden +44 (0) 207
James Sinclair-Ford 220 1666
Financial Public Relations
Tavistock
Jos Simson / Barney +44 (0) 207
Hayward 920 3150
The Uis Tin Project
The Uis Tin Project was once the largest open cast tin mine of
its kind in the world and the Directors believe it can add
significant value to the Company's post Admission group ("AfriTin
Group"). Uis is located in the Erongo Region, north west of
Windhoek Namibia, and is comprised of three separate mining
licenses. The Uis Tin Project which contains historical resource
estimates containing over 70,000,000 tonnes of mineralised
pegmatite, with approximately 95,000 tonnes of contained tin. The
area was extensively mined by South African state-owned ISCOR up
until the collapse of the tin price in the late 80's.
The Tin Market
The last 10 years has seen the tin price rise from USD 14,000/t
to above USD 20,000/t. However there has been significant
volatility over this period with the price peaking at USD 33,000/t
in April 2011 and a low of USD 10,000/t in December 2008. The
global tin market was valued at US$6.3bn in 2016 and tin is
currently priced at approximately US$20,800 per tonne, up c. 24.2%
in the past 18 months. This is driven particularly by the use of
tin in consumer electronics, where it is a key component (over 50%
of the tin in used in soldering) in most semiconductor-based
industries due to its high durability and reliable connection of
components.
Total consumption of re ned tin has grown from 341,000 tonnes
per annum in 2012 to 368,000 tonnes per annum in 2016, with global
production growing from 335,000 tonnes to 358,000 tonnes over the
same period. The consistent de cit between supply and production is
balanced by recycling. The majority of transactions are conducted
on the London Metal Exchange.
Increases in tin use since 2000 have been driven (particularly
in the early 2000's) by a move to lead-free solder alloys.
Additionally, there are new markets where tin-based products have
already moved out of the laboratory and into commercial production,
such as lithium ion batteries.
This can help meet a huge demand for better batteries in mobile
phones, cameras, and other mobile devices. As a new market for tin,
this looks set to grow quickly, especially with growing use of
lithium ion batteries in hybrid car and energy storage technology.
Replacement of graphite as the anode material in all current
batteries by a tin-based composite material could generate a new
demand for tin of some 17,000 tonnes per annum.
Bushveld interest
Following admission, Bushveld Minerals will retain an interest
of 17.48% and with the distribution to the Bushveld shareholders, a
further 24.39% (a combined interest in 41.9%).
Board and Management
Glen Parsons, aged 50 - Chairman
Glen Parsons is a qualified Chartered Accountant with an honours
degree in Accounting Science and a Bachelor of Commerce degree in
Economics. Glen Parsons has over 20 year's international experience
in company building, corporate finance, treasury, operational and
general management. His most recent role was as Chief Executive
Officer of Mariana Resources PLC which was acquired in 2017 for
$175m by Sandstorm Gold Ltd and before that, he was Chief
Development Officer and Corporate Development Officer at Neptune
Minerals Plc. He has built new profitable businesses and divisions
within both large and small organisations. Glen was also an
executive director of RFC Corporate Finance Ltd, a specialist
minerals resources investment bank and fund manager. Duties
included corporate finance mandates which included mergers and
acquisitions, strategic advice, mineral project assessment and
capital raisings. He has specific LSE-AIM experience and has been
involved with a number of successful equity and debt raisings for
junior and developing mining companies.
Anthony Viljoen, aged 40 - Chief Executive Officer
Anthony is a mining entrepreneur and founding shareholder of VM
Investment company, a principal investments company within the
African mining sector. Anthony has been involved in the development
of numerous exploration and mining projects across Africa over a
wide range of commodities and geographies. He was instrumental in
the development and listing of Lemur Resources, a Coal project in
Madagascar, on the Australian Stock Exchange and raising AU$25
million on IPO and sat as the Chief Executive Officer of that
company. Anthony is also a founding and current executive director
of Bushveld and has completed a number of acquisitions in the tin
and vanadium markets in Africa for Bushveld. He has a deep
knowledge of African mining and is familiar with the London
markets.
Anthony holds a post-graduate degree in finance and began his
career in investment banking in London.
Laurence Robb, aged 65 - Non-Executive Director
Before moving to the United Kingdom, Laurence Robb was Professor
of Economic Geology in the School of Geosciences at the University
of the Witwatersrand (Wits), South Africa, and between 2001-2005,
also Director of its Economic Geology Research Institute (EGRI). He
is currently Visiting Professor in the Department of Earth Sciences
at the University of Oxford. He has worked for over 30 years on
many the great mineral districts of the African continent and is
currently involved in research on the metallogeny of Myanmar/Burma
and also Western Sahara. His main field of expertise is in granite
related mineral deposits - he is also the author of the
internationally acclaimed text-book, 'Introduction to Ore-Forming
Processes' that is widely used all over the world.
He served a term as President of the Geological Society of South
Africa in 1999-2000 and is currently President of the Society of
Economic Geologists, based in Denver, USA.
Roger Alyn Williams, aged 54 - Non-Executive Director
Mr Williams is a Chartered Accountant with over 20 years'
international experience in mining finance and an honours degree in
French and Spanish. He was previously CFO of Randgold Resources
Limited and part of the management team that transformed it from
being an exploration and development company into a major gold
producer. He then went on to become CFO of JSE-listed AECI Limited.
His other experience includes directorships and interim executive
appointments with various mining and mining services companies. Mr
Williams is currently a Non-Executive Director of Sylvania Platinum
Limited, Alecto Minerals plc and Digby Wells and Associates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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