TIDMATM
RNS Number : 7131Z
AfriTin Mining Ltd
25 May 2021
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
25 May 2021
AfriTin Mining Limited
("AfriTin" or the "Company")
Conversion of convertible loan note into ordinary shares
Settlement of loan notes
AfriTin Mining Limited (AIM: ATM), an African tin mining company
with its flagship asset, the Uis Tin Mine ("Uis") in Namibia,
announces that:
-- The outstanding balance of the 2019 convertible loan note
(see announcement dated 26 November 2019) (the "2019 Convertible
Loan Notes") has now been settled in full. A portion of the 2019
Convertible Loan Notes has been converted into ordinary shares in
the Company and the balance was settled in cash.
-- The outstanding 2020 loan note facility (see announcement
dated 5 May 2020) (the "2020 Loan Note Facility") has now been
settled in full, in cash.
Conversion and redemption of 2019 Convertible Loan Notes
As set out above, GBP2.2m of the GBP3.8m, 2019 Convertible Loan
Notes remained outstanding (part of the 2019 Convertible Loan Note
was converted in February 2021 (see announcement dated 15 February
2021). The holders of the outstanding 2019 Convertible Loan Notes
have now elected to convert GBP758,547.95 of the outstanding
amount, into fully paid ordinary shares of no par value in the
Company; and the remaining portion totalling GBP1,769,945
(including GBP328,493.15 of accrued interest) has been redeemed in
cash.
Accordingly, the Company has today issued 18,963,699 ordinary
shares of no par value at a conversion price of 4 pence per
ordinary share ("Conversion Shares") to various holders of the 2019
Convertible Loan Notes.
Settlement of loan note
As set out above, the Company's 2020 Loan Note Facility of
GBP2.05m and associated interest of GBP215,671 has been settled in
full in cash.
Significant Shareholder
The Orange Trust (a substantial shareholder in AfriTin, holding
5.9% of the issued share capital of the Company) wholly owns and
controls Yellow Dragon Holdings ("Yellow Dragon"), which is a
company converting its 2019 Convertible Loan Notes. Accordingly,
Yellow Dragon will receive 8,619,863 Ordinary Shares representing
0.8% of the issued share capital of the Company (and accordingly
the total holding of the Orange Trust, both direct and indirect, is
now 73,494,567 Ordinary Shares in the Company, representing 6.6% of
the issued share capital of the Company).
Application for Admission
An application has been made for the Conversion Shares to be
admitted to trading on AIM ("Admission"). Dealings in the
Conversion Shares are expected to commence on or around 28 May
2021.
Disclosure and Transparency Rules
In accordance with the provisions of the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the Company
confirms that, following the issue of the Conversion Shares its
issued share capital will, upon Admission comprise 1,112,007,044*
Ordinary Shares of no-par value (the "Enlarged Share Capital"). All
of these 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 1,112,007,044 upon
Admission. This total voting rights figure may be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interests
in, or a change to their interest in, the Company under the
Disclosure and Transparency Rules.
*including 1,686,666 Ordinary Shares which were omitted in error
in the DTR announcement of 12 May 2021
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"I would like to thank our long-standing shareholders for their
support. The settlement of the long-term liabilities on our balance
sheet provides the Company with a strong platform to execute its
expansion and growth strategy."
For further information, please visit www.afritinmining.com or
contact:
AfriTin Mining Limited
Anthony Viljoen, CEO +27 (11) 268 6555
Nominated Adviser
WH Ireland Limited
Katy Mitchell
James Sinclair-Ford +44 (0) 207 220 1666
Corporate Advisor and Joint Broker
Hannam & Partners
Andrew Chubb
Jay Ashfield
Nilesh Patel +44 (0) 20 7907 8500
Joint Broker
Turner Pope Investments
Andy Thacker +44 (0) 203 657 0050
Financial PR (United Kingdom)
Tavistock
Jos Simson
Emily Moss +44 (0) 207 920 3150
Oliver Lamb +44 (0) 778 855 4035
About AfriTin Mining Limited
AfriTin Mining Limited is the first pure tin mining company
listed in London. Its vision is to create a portfolio of globally
significant, conflict-free, tin-producing assets. The Company's
flagship asset is the Uis Tin Mine in Namibia, formerly the world's
largest hard-rock opencast tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current two-fold strategy: fast-track Uis
Tin Mine in Namibia to commercial production as Phase 1, ramping up
to 5,000 tonnes of concentrate in a Phase 2 expansion. The Company
strives to capitalise on the solid supply/demand fundamentals of
tin by developing a critical mass of tin resource inventory,
achieving production in the near term and further scaling
production by consolidating tin assets in Africa.
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