AfriTin raises funds to accelerate expansion at Uis mine
The firm said it has raised £13mln in an oversubscribed share placing initially announced after the close on Tuesday
AfriTin Mining Ltd (LON:ATM) said it has raised fresh funds in an oversubscribed share placing to expedite expansion and exploration at its flagship Uis tin mine in Namibia.
The AIM-listed firm said it has raised £13mln through the placing of around 216.7mln new shares at a price of 6p each, a 12.5% discount to its closing price on Tuesday, through an accelerated bookbuild process.
Announcing plans for the placing after yesterday’s close, AfriTin said the funds will be used to expedite the expansion of the Phase 1 plant at Uis which is aiming to increase nameplate production by 67% from 60 tonnes of tin concentrate per month to 100 tonnes.
AfriTin Mining says DFS confirms viability of Phase 1 expansion at Uis tin mine
The expansion would result in a 67% increase in tin concentrate production to 1,200 tonnes per annum
AfriTin Mining Ltd (LON:ATM) said a Definitive Feasibility Study on its flagship asset, the Uis tin mine in Namibia, confirmed the viability of expanding the current Phase 1 mining and processing facility.
The expansion would result in a 67% increase in tin concentrate production to 1,200 tonnes per annum. Significant exploration upside remains as the study only includes two of the 16 historically mined pegmatites and it excludes tantalum and lithium concentrate as potential by-products.
Empire is beginning to build up a good store of knowledge on the Eclipse project
Empire Metals Ltd (LON:EEE) reported a loss of £572.989 in the year to 31 December 2020 and said it had cash in the bank of £1.23mln as of 16 April 2021.
Non-executive chairman Neil O’Brien described 2020 as a “year of significant forward momentum,” and hailed “the emergence of a new and reenergised strategy, a new flagship asset and a new jurisdiction of focus.”
Empire now holds a 75% interest in the Eclipse gold project, characterised by O’Brien as “a highly prospective gold asset which is poised for rapid advancement up the exploration and development curve.”
Astro Resources NL s (ASX:ARO) Vince Fayad speaks to Proactive s Andrew Scott soon after completing a A$2.994 million capital raising to sophisticated.