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The Leeds office of law firm Mills & Reeve has advised on the £11.6 million stock market listing of tin mining company AfriTin.
AfriTin is a newly formed company that has acquired the tin assets of AIM-quoted miner Bushveld Minerals in Namibia and South Africa.
A placing and subscription for existing and new institutional and sophisticated private investors raised £3.5 million, with a further £1 million raised from convertible loan notes that converted on admission. AfriTin had a market capitalisation of £11.6 million on admission.
AfriTin was formed to take advantage of the current deficit in primary tin production. Anthony Vijoen, CEO of the company, commented: “I’m pleased to announce our admission to the AIM market of the London Stock Exchange today. Now we have de-merged from Bushveld and become a listed company in our own right, we are the only pure play tin company listed on AIM.”
The deal is the third capital markets transaction Mills & Reeve has worked on in the last month. The firm advised AIM-quoted insurance company Randall & Quilter Investment Holdings on a placing and related open offer, raising up to around £49 million.
Mills & Reeve also acted for location solutions company Ubisense Group on a placing, raising £5.5 million.
Shubhu Patil (pictured), principal associate in the corporate team at Mills & Reeve, which advised nominated adviser and broker WH Ireland on the deal, said: “We are delighted to advise on the AIM IPO of AfriTin which is our third AIM transaction in a month.”
“There has been a resurgence in the natural resources sector and the market for secondary fundraisings has continued to be busy.”
The Mills & Reeve team has been very active in the capital markets arena in the last 12 months and recently joined the London Stock Exchange’s ELITE programme as a partner. ELITE is a programme that supports ambitious private companies through their next stage of growth.