Mauritius-based Alphamin Resources has announced the completion of a CAD$56mn (USD$44.3mn) equity financing, having issued almost 175mn shares at a price of CAD$0.32 (USD$0.26) per unit.
The cash raised included a private placement of 89.14mn shares in the aim of raising CAD$28.5mn, and a non-brokered placement of 85.86mn shares to raise CAD$27.5mn, totalling the CAD$56mn.
The proceeds will go towards the continued funding and development of the company’s Bisie Tin Project located in the North Kivu region of the Democratic Republic of Congo.
Alphamin describes this as one of the world’s most significant tin deposits, holding a belief that the continued development of the project could spark a catalyst for regional economic growth.
“Alphamin is committed to contributing to the stability and economic activity in North Kivu, bringing significant benefit to the community and other stakeholders alike,” the company says on its website.
In addition to the $44.3mn raised, the company converted $1.22mn of its debt due to Sprott Private Resourcing Lending and Barak Fund into 4.75mn shares.