Subscription Update

RNS Number : 4248B

AfriTin Mining Ltd

30 September 2022

 

30 September 2022

AfriTin Mining Limited

("AfriTin" or the "Company")

Subscription Update

Further to the announcement of 16 September 2022, AfriTin provides the following update on the subscription by the Orange Trust.

As announced on 16 September 2022, the Orange Trust has subscribed for 173,320,000 new ordinary shares at a price of 5 pence per new ordinary shares ("Subscription Shares") (approximately £8.7m (the "Settlement Proceeds")). The Settlement Proceeds were due to be received by midday on 29 September 2022, but due to the delays in setting up the relevant account to receive the shares the Company has agreed to extend the settlement date for the Orange Trust to 7 October 2022.

Accordingly, application has been made for the Subscription Shares to be admitted to trading on AIM on or around 10 October 2022 ("Subscription Admission").   Following Admission of the Subscription Shares the Company's issued ordinary share capital will consist of 1,517,863,344 Ordinary Shares, with the right to one vote each. The Company will hold no Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,517,863,344. With effect from the Subscription Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please visit www.afritinmining.com or contact:

AfriTin Mining Limited [phone] Anthony Viljoen, CEO Nominated Adviser  [phone] WH Ireland Limited Katy Mitchell Corporate Advisor and Joint Broker H&P Advisory Limited Andrew Chubb Jay Ashfield Nilesh Patel [phone] Stifel Nicolaus Europe Limited Ashton Clanfield Callum Stewart [phone] Tavistock Financial PR (United Kingdom) [phone] Emily Moss Cath Drummond About AfriTin Mining Limited Notes to Editors AfriTin Mining Limited is a London-listed tech-metals mining company with a vision to create a portfolio of globally significant, conflict-free, producing assets. The Company's flagship asset is the Uis Tin Mine in Namibia, formerly the world's largest hard-rock open cast tin mine. AfriTin is managed by an experienced board of directors and management team with a current strategy to ramp-up production at the Uis Tin Mine in Namibia to more than 10,000 tonnes of tin concentrate and 350,000 tonnes of lithium concentrate in a Phase 2 expansion, having reached Phase 1 commercial production in 2020. The Company strives to capitalise on the solid supply/demand fundamentals of tin and lithium by developing a critical mass of resource inventory, achieving production in the near term and further scaling production by consolidating assets in Africa.

 

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