Result of General Meeting

RNS Number : 4157R

AfriTin Mining Ltd

14 June 2018

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

AfriTin Mining Limited

("AfriTin" or the "Company")

Result of General Meeting

AfriTin Mining Limited (AIM: ATM), a mining company with a portfolio of near production tin assets in Namibia and South Africa, with the flagship asset being the Uis Tin Mine in Namibia, is pleased to announce that at its General Meeting held earlier today all resolutions are duly approved.

Accordingly the Company has today issued 220,515,292* new ordinary shares (the "New Ordinary Shares") at a price of £0.027 per Placing Share (the "Placing Price") raising gross proceeds of £6m through an oversubscribed placing (the "Placing") and subscription (the "Subscription") with institutional and other investors.

The full details of the Placing and Subscription are set out in the announcement dated 23 May 2018.

Commenting, Anthony Viljoen, CEO said "We are pleased with the support from new and existing shareholders for the Placing and Subscription; and look forward to utilising the proceeds of this fundraising to progress our drilling programme and advancing the Bankable Feasibility study at our flagship asset at the Uis tin mine, Namibia.  We will be providing further updates to our investors in due course."

Admission to Trading on AIM

As previously announced, application for admission to trading on AIM for the New Ordinary Shares has been made and it is anticipated that Admission will take place, and dealings will commence on 15 June 2018. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the Placing and Subscription its issued share capital will comprise 517,997,221** Ordinary Shares of no par value upon Admission. 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 517,997,221** upon Admission.

*  the number of shares issued pursuant to this Placing and Subscription is 3,039,809 Ordinary Shares less than that set out in the announcement dated 23 May 2018 as one of the subscribers to the direct subscription, being the estate of an IPO shareholder, was only able to partially fulfil their order.

** the number of Ordinary Shares in issue includes the new ordinary shares issued pursuant to the Placing and Subscription but excludes 96 Ordinary Shares which were added to the total number of shares in issue on 29 January 2018 (and in previous announcements) in error. This minor overstatement occurred due to a rounding error by the registrars of the Company at the time of admission to AIM and has now been corrected.

Enquiries:

AfriTin Mining Limited
Anthony Viljoen (CEO)	[phone]
Nominated Adviser and Joint Broker
WH Ireland Limited Katy Mitchell Adrian Hadden James Sinclair-Ford John Syropoulo (Corporate Broking)	[phone]
Joint Broker to the Placing Hannam & Partners Jay Ashfield Andrew Chubb Joint Broker
NOVUM Securities Limited Gavin Burnell	[phone]
Financial PR (United Kingdom)
Tavistock
Jos Simson / Barney Hayward	[phone]
Financial PR (South Africa)
Lifa Communications Cath Drummond / Gabriella von Ille	[phone]

 

END

 

 

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