ALPHAMIN ANNOUNCES RECEIPT OF PROCEEDS FROM SUBSIDIARY DISTRIBUTION AND WARRANT EXERCISES
December 24 2021 - 12:11AM
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or
the “Company”), a producer of 4% of the world’s mined tin1 from its
high grade operation in the Democratic Republic of Congo, is
pleased to announce that its 84,14% owned operating subsidiary,
Alphamin Bisie Mining SA (“ABM”), has completed a distribution to
shareholders of US$35m. The Company has received approximately
US$29.5m of this distribution.
In addition, as a result of recent exercises of
share purchase warrants issued by the Company in April 2019 and
which expire on April 8, 2022, the Company has now received
aggregate proceeds of approximately CDN$20.2 million from the
exercise of such warrants. The warrants are exercisable at a price
of CDN$0.30 per share and if all remaining outstanding warrants are
exercised prior to expiry, proceeds of an additional approximate
CDN$2.8 million would be received.
The current consolidated Alphamin cash position
is approximately US$83 million. The Company will assess the group
cash position at financial year-end December 2021 with a view to
balancing capital allocations between growth initiatives, ABM 2021
corporate taxes due April 2022 and a maiden Alphamin dividend.
__________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Maritz
Smith CEO Alphamin
Resources
Corp. Tel:
+230 269 4166E-mail: msmith@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Information in this news release that is not a
statement of historical fact constitutes forward-looking
information. Forward-looking statements contained herein include,
without limitation, statements relating to the expected future
exercise of warrants and the receipt of cash proceeds therefrom and
the potential for a maiden dividend. Forward-looking statements are
based on assumptions management believes to be reasonable at the
time such statements are made. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Although Alphamin has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Factors that may cause
actual results to differ materially from expected results described
in forward-looking statements include, but are not limited to:
uncertainties associated with Alphamin’s resource and reserve
estimates, uncertainties regarding estimates of the expected mined
tin grades, processing plant performance and recoveries,
uncertainties regarding global supply and demand for tin and market
and sales prices, uncertainties with respect to social, community
and environmental impacts, uninterupted access to required
infrastructure and third party service providers, adverse political
events, impacts of the global Covid-19 pandemic on mining
operations and commodity prices as well as those risk factors set
out in the Company’s Management Discussion and Analysis and other
disclosure documents available under the Company’s profile at
www.sedar.com. Forward-looking statements contained herein are made
as of the date of this news release and Alphamin disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
1Data obtained from International Tin Association Tin Industry
Review 2020
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