AfriTin Mining Ltd. is targeting gross proceeds of £5.5 million to accelerate a work program focused on advancing its 85%-owned Uis property in Namibia. AfriTin is a result of a late 2017 spinout by Bushveld Minerals Ltd.
The program will include exploration drilling and related work, a bankable feasibility study and processing design. The company will also use the proceeds for general corporate and working capital costs.
AfriTin said May 23 that the offering will be priced at 2.7 pence per share, a 26% discount to its May 22 closing price.
The financing is subject to various conditions including shareholder approval, which will be sought at a June 14 meeting.
The company's mine design at Uis is focused on the V1 and V2 pegmatite bodies as priority targets to supply feed to an intermediary plant. It plans to achieve commercial production at Uis this year, ramping up to 5,000 tonnes of concentrate.
