AfriTin Mining executes, draws down Standard Bank lending facility
By Josh White
Date: Friday 26 Nov 2021
(Sharecast News) - AfriTin Mining announced on Friday that its lending facility with Standard Bank Namibia to fund the expansion of the Uis phase one processing plant, had now been executed.
The AIM-traded firm said financial close was reached on the NAD 90m (£4.5m) senior secured term loan.
It said it was immediately drawing down the total amount available, marking the beginning of a "long-term financing partnership" with Standard Bank.
The proceeds from the loan would be used to fund the expansion of the phase one pilot processing plant, the board said.
"We are pleased to announce the financial close and drawdown of the term loan facility with Standard Bank in Namibia," said chief executive officer Anthony Viljoen.
"This marks the start of a long-term financing partnership to continue the rapid development of the Uis tin mine to its full potential and growing our tech-metal revenue profile."
At 1014 GMT, shares in AfriTin Mining were down 0.88% at 5.06p.
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