W H Ireland : WHIreland raises £6m for AfriTin
WHIreland has raised £6m for its client, AfriTin Mining Limited (AIM:ATM) , a mining company with a portfolio of near production tin assets in Namibia and South Africa. The fundraising was achieved through an oversubscribed placing and subscription with institutional and other investors for new ordinary shares.
The proceeds of the fundraising will, amongst other things, be used to fund an exploration drilling programme with the goal of declaring a JORC compliant resource and to initiate and progress work on a Bankable Feasibility for the final mine configuration. The Company has also confirmed it remains on track to achieve its objective of delivering first concentrate to the market this year, and of becoming the African Tin Champion.
Anthony Viljoen, CEO, Afritin commented 'We are grateful for the ongoing support received from WHIreland and their corporate finance team and we look forward to working together with them, to identify areas of growth, for what we believe is an exciting suite of projects and company.'
Katy Mitchell, Corporate Finance Director, WHIreland said 'This oversubscribed placing and subscription demonstrates the support for AfriTin's projects from new and existing investors, and we look forward to working with the Company as it moves its flagship asset, Uis in Namibia, into production this year.'
W.H. Ireland Group plc published this content on 14 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 June 2018 10:57:08 UTC