JSE-listed Alphamin Resources announced last weekend it will raise C$19.2 million (about $15 million) through a non-brokered private placement of 76.8 million common shares worth C$0.25 each. The sale is expected to end next June 18.

The fund will be used to further the development of its Bisié tin project in DRC. Moreover, the company indicated that it will receive by early June, a new tranche of the $80 million credit facility previously announced.

Construction work started in April 2017 and should be completed in the first quarter of 2019. The company plans to hire 700 workers during construction and another 450 permanent workers once the mine enters into production.

Let’s recall that the country’s government and the Industrial Development Corporation (IDC) are Alphamin Resources' partners on that project.

Louis-Nino Kansoun