Alphamin Resources closes $44.3 million equity financing

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Alphamin Resources Corp is pleased to announce that it has raised gross proceeds of approximately C$56 million by issuing a total of 174 998 484 units at a price of C$0.32 per Unit through the closing of its previously announced offering of Units.

The Offering comprised a private placement of 89 141 841 Units for gross aggregate proceeds of C$28.5 million, including the previously announced JSE Placement and a non-brokered private placement of 85 856 643 Units for gross aggregate proceeds of approximately C$27.5 million.

The net proceeds of the offering will be applied towards the equity requirement for the continued
development of the Company’s Bisie Tin Project and for general corporate purposes.

The willingness of the lenders to accept fees in Units demonstrates an alignment in objectives and
commitment to the Project.

The Non-Brokered Private Placement comprises a subscription for 84 256 643 Units at the Issue Price by the Company’s 44.65% shareholder, Tremont Master Holdings and a subscription for 1 600 000 Units at the Issue Price by the Adansonia PE Opportunities Limited.

In addition, the Company has drawn down $10 million of the Credit Facility by meeting all of the conditions precedent for the initial draw.

Pursuant to an amendment to the Credit Facility, $25 million will become available to the Company under the Credit Facility following the satisfaction of certain additional conditions precedent, including, inter alia, the completion of the private placements described above.

Access to drawdown of the remaining $45 million of the Credit Facility will require satisfaction of additional conditions precedent,including, inter alia, an additional equity raise of $7 million.

The Company has raised a further $6.6m from the Industrial Development Corporation of South Africa Ltd (IDC).

As previously announced, the IDC has approval to invest $13.7 million in the Project to maintain it’s 14.25% shareholding in the Company’s 80.75% owned subsidiary, Alphamin Bisie Mining SA.

The remaining $7 million is expected to be subscribed for in the first quarter of 2018, subject to
various corporate approvals.

Concurrently with the closing of the Offering, the Company also entered into an offtake agreement with Gerald Metals SA for a period of five years for 100% of the tin concentrate from the Project.

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