Africa Tin Mining – Alphamin secures regulatory approval for secondary listing

TSX-V-listed tin exploration and development company Alphamin is planning a December 7 secondary inward listing on the alternative exchange of the JSE after having obtained all regulatory approvals.

The JSE and the South African Reserve Bank have approved the secondary listing.
The listing will assist Alphamin in jumping the final funding hurdle for its Bisie tin project, in the North Kivu province of the Democratic Republic of Congo.

The company is focused on the Phase 1 development of the Mpama North portion of Bisie between the second quarter of this year and the first quarter of 2019, which requires about $149.8-million to complete and includes an equity raising in both South Africa and abroad targeting $56.1-million.
“It is intended to conduct the equity raise in terms of a private placement of common shares to be undertaken by the company prior to the secondary listing.

Existing major shareholder Tremont Master committed to participate in the private placement, while $93.7-million will be obtained from a $80-million senior secured, nonrevolving, term credit facility from a syndicate of lenders and $13.7-million from a direct investment by the Industrial Development Corporation.