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Alphamin targets C$71.4M capital raise to meet Bisie tin project funding needs


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Alphamin targets C$71.4M capital raise to meet Bisie tin project funding needs

Alphamin Resources Corp. plans to raise up to C$71.4 million to develop its 80.75%-owned Bisie tin project in the Democratic Republic of the Congo and for general corporate purposes.

A successful close to the offering will mean all of Bisie's peak funding requirement of US$172.1 million will be available.

The company will undertake a private placement of up to 124,651,807 units at 32 Canadian cents apiece to raise gross proceeds of up to about C$39.9 million.

The offer will include a brokered private placement priced in South African rand at the equivalent price of 3.40 rand each, according to the company's Dec. 7 release.

Alphamin will also launch a nonbrokered private placement with its 44.15% shareholder, Tremont Master Holdings Ltd., for up to 98,538,537 units at the same price to raise up to about C$31.5 million.

Industrial Development Corp. of South Africa Ltd. holds a 14.25% stake in the Bisie project, while the DRC government owns a 5% free carried interest.

Meanwhile, Industrial Development said it received credit committee approval for an investment to finance its 15% pro rata share of the project funding.

In mid-November, Alphamin entered into a definitive credit agreement for US$80.0 million of project debt.

The offerings are expected to close Jan. 8, 2018.