TIDMATM
RNS Number : 6608Z
AfriTin Mining Ltd
15 September 2022
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For immediate release
15 September 2022
AfriTin Mining Limited
("AfriTin" or the "Company")
Proposed Funding Package & Production Update
Proposed US$48.3 million Funding Package to accelerate lithium
and tantalum production, unlock new tech-metals province and fund
Feasibility Study for Phase 2 expansion at Uis Mine, Namibia
AfriTin Mining Limited (AIM: ATM), an African tech-metals mining
company with a portfolio of mining and exploration assets in
Namibia, is pleased to announce that it has negotiated a potential
funding package which, if concluded, would fully finance the
Company's existing operations, including its expansion plans for
the lithium and tantalum by-product development at the Uis Mine in
Namibia. This will enable the Company to achieve its ambition of
becoming a material producer of tin, tantalum and lithium.
Summary
The proposed funding package intends to combine a capital
structure and term sheets agreed with two financing institutions
for a package consisting of debt, a convertible bond, equity and
royalty funding. The package comprises:
-- A proposed equity placing and subscription of approximately
US$17.5 million (c. GBP15m) with new and existing investors
("Fundraise"). The Fundraise will be conducted by Hannam &
Partners Advisory Limited ("H&P") and Stifel Nicolaus Europe
Ltd ("Stifel") as joint bookrunners through an accelerated
bookbuild and subscriptions and is expected to launch shortly
following this announcement;
-- A proposed, conditional US$25 million (c. GBP21.5m)
investment with a fund managed by Orion Resource Partners (" Orion
"). This includes a Royalty, Convertible Note and Equity
Subscription (more details of which are set out below) ("Orion
Financing"); and
-- A proposed, conditional US$5.8 million (cGBP5m) lending
facility with the Development Bank of Namibia. This was announced
on 5 July 2022 (and updated by the disclosures in the Company's
Annual Report) ("DBN Debt Financing").
(together, the "Proposed Funding Package")
The funds pursuant to the Proposed Funding Package, if received,
would take the total funds available to the Company to
approximately US$48.3 million (excluding cash on hand of US$2.2
million which add an extra buffer) which the Directors believe
would be sufficient to fully finance the Company for Phase 1B (as
detailed below), including the addition of potentially
transformative lithium and tantalum by-product revenue streams and
financing substantial exploration drilling to unlock Uis as a
globally significant lithium resource.
This Proposed Funding Package supplements the GBP4.5m lending
facility and additional support provided by Standard Bank Namibia
("Standard Bank"), already announced on 26 November 2021 and which
has been drawn down to allow for the existing plant expansion
works.
At this stage, however, both the Orion Financing and the DBN
Debt Financing remain subject to the satisfaction of certain
conditions and approvals, including due diligence, agreeing
definitive documentation and the consent of Standard Bank, and
accordingly there can be no guarantee that either source of funding
will be entered into, nor that any money thereunder will be drawn
down; although the AfriTin Directors have every confidence that
they will be.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"We are delighted to announce today's Proposed Funding Package
which, together with our cash resources, would significantly
accelerate our operations in Namibia and fully fund the development
of our exciting lithium and tantalum by-product opportunities. In
addition, the Proposed Funding Package would help us accelerate the
regional drilling programme in what has become an exciting new
tech-metals province as well as commence the Feasibility Study for
the larger Phase 2 production phase at Uis.
"We consider this a significant milestone on our journey to
becoming a major supplier for the tech metals market and we believe
it provides a strong endorsement of our operational achievement to
date and our mineral opportunity.
"We are also pleased to announce that Orion is a proposed
strategic investor in AfriTin. The Fund has a long track record of
creating sustainable shareholder value in the mining sector and
their previous investments highlight their ability to identify
compelling growth opportunities at an early stage. We believe their
interest in us is testament to the work we have done to date and
opportunities ahead."
Philip Clegg, Portfolio Manager of Orion, commented:
"Orion has followed AfriTin's journey for several years. We are
excited to begin our partnership with Anthony and his team as they
ramp up tin production and unlock the vast lithium potential of the
asset. We look forward to closing our proposed financing package
and becoming a key investor in the Company."
Application of the Proposed Funding Package
The Proposed Funding Package of approximately US$48.3 million
would provide a fully funded solution to deliver:
-- The expedited development of lithium and tantalum pilot
plants - a significant step towards securing long-term lithium and
tantalum off-takes;
-- The expedited development of X-ray computer tomography (" XRT
") ore sorting at Uis to enhance the grade into the concentrating
circuit, allowing for increased tin concentrate production as part
of the Uis Phase 1B development (defined below);
-- A feasibility study on the Uis Phase 2 development (defined below); and
-- Significant exploration drilling at Uis and Brandberg West to
further grow the tin and lithium resource base of the Company.
Details of the Orion Financing
An indicative, non-binding term sheet has been signed with Orion
for an approximately US$25 million financing package. The term
sheet incorporates the following proposal:
o US$12.5 million for a gross royalty over tin production (the
"Tin Royalty"). This would entitle Orion to receive 4.5% of gross
revenue of all tin products produced at the Uis mine initially,
reducing on a sliding scale basis to 3.17% as contained tin
production increases to 2,000tpa upon completion of the Phase 1
expansion (subject to penalties if this is not completed by 30 June
2024). After the Phase 2 expansion, the royalty rate will be
reduced to 0.75%;
o US$10.0 million by way of a convertible note (the "Convertible
Note") (with a proposed 12% coupon, four-year term and a proposed
conversion price of a 35% premium to the equity subscription price
(anticipated to be a calculation linked to VWAP)); and
o US$2.5 million by way of an equity subscription (the " Orion
Equity Investment ")
It is intended that the Tin Royalty be secured but subordinated
to the existing Standard Bank Debt and DBN Debt Financing. A
technical committee will also be set up to provide guidance with
regard to the operation and expansion of Uis, comprising the
Company, Orion and an independent technical expert. The proposed
royalty would not entitle Orion to any revenue generated from the
sale of either tantalum or lithium products.
The Orion Financing remains subject to, amongst other matters,
certain due diligence, confirmations and consents (including
Standard Bank consent), final negotiation and the signing of
definitive legally binding documentation. At this stage there can
be no guarantee that the Orion Financing will be entered to, but
the AfriTin Directors and Orion's management team are working
together to achieve a potential completion date during Q4 2022.
Further updates will be provided in due course.
Details of the DBN Debt Financing
As announced on 5 July 2022 (and as updated by the disclosures
in the Company's Annual Report), Afritin has signed a conditional,
credit approved term sheet for a US$5.8 million (NAD 100 million)
senior secured lending facility from the DBN. The full details of
this arrangement are set out in those announcements.
The DBN Debt Financing is still subject to a number of
conditions, including due diligence, agreeing definitive
documentation and Standard Bank consent, and accordingly at this
there can be no guarantee that the DBN Debt Financing will be
entered into or that any monies will be drawn down under it but the
Directors remain confident that it will be finalised by the end of
September 2022
Background to the Proposed Funding Package
AfriTin holds a portfolio of production, development, and
exploration assets in Africa, with the Uis Tin Mine in Namibia as
its flagship asset. Historically, the Uis mine was the largest
hard-rock tin mine globally which provides an opportunity for
significant costs of scale. The mine is fully permitted and
compliant and has a globally significant JORC-compliant mineral
resource estimate including 95,539t of tin, 6,091t of tantalum and
450,265t of lithium oxide.
Namibia is a considered to be an outstanding location with a
stable democracy and independent, reliable legal system. Mining is
the most significant contributor to the Namibian economy in terms
of revenue, governed by a well-established Mining Act. The educated
workforce and in-country mining experience allows AfriTin to employ
a 100% Namibian workforce at Uis. The Company is ideally located
for critical power and transport infrastructure and within 230km of
the newly upgraded port of Walvis Bay, allowing the Company to
achieve the competitive logistics prices.
The Company has set out a two-phased multi-commodity development
plan:
Phase 1 brings the plant up to nameplate capacity at 720 tonnes
per annum of tin concentrate. Nameplate capacity was exceeded in
November 2020 with an ore feed of 80tph, tin feed grade of 0.139%
Sn, tin recovery at 60% and a tin concentrate grade of 65% Sn
("Phase 1"). The current Phase 1 expansion is nearing completion
and will increase current production by 67%. The Phase 1B expansion
will look to introduce an ore sorting circuit on the tin and bring
lithium and tantalum products on stream ("Phase 1B"). Increasing
throughput capacity, increasing tin recovery and expanding tin
concentrate production, and introduction of by-product revenue
streams as part of the Phase 1 expansion will maximise the revenues
of the existing plant whilst de-risking the Phase 2 feasibility
studies.
The Phase 2 studies will look to target production of up to 10
ktpa of tin concentrate, leveraging and expanding on the work done
in the Phase 1 expansion ("Phase 2"). A large-scale operation of
this magnitude could represent 2.9% of the global tin supply and
also aims to convert the Company into a predominant lithium and
tantalum multi commodity producer. The benefits of multiple revenue
streams would allow for the unit costs of production of one element
to substitute the cost of the production of the other elements.
Drilling at the historic Brandberg West will also determine the
potential for the Company to achieve a second revenue generating
operation.
The Company also aims to identify further mineralised pegmatites
within the project and region and grow its portfolio through
acquisition in-country and elsewhere in Africa.
A full production update is set out below.
Source and Use of Funds
Completion of the Proposed Funding Package would mark a
significant milestone for the Company in being able to accelerate
its development, both in tin and tantalum and lithium by-product
production, and ultimately into the Phase 2 development at Uis.
As detailed below, the funds would be used to accelerate
activity at Uis, including increasing tin concentrate production as
part of the Uis Phase 1B development. The money raised through the
Proposed Funding Package would, if received, be applied to expedite
the development of lithium and tantalum pilot plants and the
development of an XRT ore sorting circuit at Uis, as well as a
Feasibility study on the Uis Phase 2 development. In addition, the
funds would be used to complete a significant drilling programme at
Uis, and an exploration drilling programme at Brandberg West to
further grow the tin and lithium resource base of the Company.
Further updates will be provided in due course.
SOURCE OF FUNDS US$ million
----------------------------------------- ------------
Cash at 31 August 2022 2.2
Fundraise Proceeds Approx 17.5
----------------------------------------- ------------
Initial Proceeds Approx 19.7
----------------------------------------- ------------
Proposed Sources of Additional Funds:
DBN Facility(1) 5.8
Tin Royalty (2,3) 12.5
Convertible Bond (2) 10.0
Orion Equity Investment(2) 2.5
----------------------------------------- ------------
Potential Total Gross Proceeds Approx 50.5
----------------------------------------- ------------
USE OF FUNDS US$ million
----------------------------------------------------------- ------------
Uis Phase
1B Continuous Improvement Works 9.0
By-Product Development 15.0
Ore Sorting Development 10.5
Uis Resource Drilling (10,000m) 4.5
Uis Phase 2 Pre-Feasibility Study 5.5
Brandberg West Development 2.0
Transaction costs, working capital & general corporate
to mid-2024 4.0
----------------------------------------------------------- ------------
Total Uses to Mid-2024 50.5
Notes:
1. Subject to certain conditions being satisfied (as outlined in
this document). If successful expected to complete before end of
September 2022
2. Convertible Bond, Orion Equity Investment and Tin Royalty, if
successful, expected to complete during Q4 2022.
3. Funds ring-fenced for tin development only
AfriTin Trading Update: Q2 Production Update
Normal plant production continued during Q2 despite construction
and commissioning work on the Phase 1 Expansion Project. Delays due
to construction tie-ins and commissioning of the new circuits were
minimised through careful planning and stockpiling of crushed
ore.
The Company achieved tin concentrate production of 214 tonnes
for the period under review. Although this is 10% below the
previous quarter, it compares well with the quarterly average of
the previous financial year (201 tonnes). Likewise, tin contained
in concentrate decreased by 13% Quarter on Quarter ("QoQ") to 133
tonnes, some 7% above the quarterly average for the previous
financial year.
A total of 134 kt of ore was processed at an average processing
rate of 100 tph. Processing plant efficiency as measured by overall
tin recovery improved 2% QoQ to a record of 69%. The average plant
feed grade for the quarter decreased 3% QoQ due to natural orebody
grade variations in the current mining area.
Operating costs for Uis Mine increased to US$25,245 (unaudited)
per tonne of tin. This can be attributed mainly to lower production
volumes of tin, additional ramp-up costs to ensure operational
readiness for the expanded production, inflationary pressure of
high fuel prices which increased by 16% QoQ, and higher maintenance
costs due to unplanned stoppages. Except for higher fuel prices,
all of the aforementioned cost factors are regarded as
extraordinary events which are expected to be resolved during the
next quarter. The Company also expects the forward-looking unit
costs to improve with the realisation of higher production volumes
from the Phase 1 Expansion Project. Steady state production for the
expanded operation is projected for Q4 FY2023.
The QoQ performance for the Uis Mine is tabulated below:
Table 1 : QoQ (Q2 FY2023 vs Q1 FY2023) production and cost
performance of the Uis Mine.
Description Units FY2022 Actual Q1 FY2023 Actual Q2 FY2023 Actual QoQ Performance
Quarterly Average (Mar 2022 - May (Jun 2022 - Aug (% Change)
(Mar 2021 - Feb 2022) 2022)
2022)
Plant Availability % 87 89 89 0%
------------------- ------------------ ------------------ ------------------ ----------------
Plant Utilisation % 79 78 69 -12%
------------------- ------------------ ------------------ ------------------ ----------------
Plant Processing
Rate Tph 92 99 100 1%
------------------- ------------------ ------------------ ------------------ ----------------
Ore Processed T 135,900 152,243 134,315 -12%
------------------- ------------------ ------------------ ------------------ ----------------
Feed Grade % Sn 0.147 0.149 0.145 -3%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Concentrate T 201 239 214 -10%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Contained in
Concentrate t 124 152 133 -13%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Recovery % 62 67 69 2%
------------------- ------------------ ------------------ ------------------ ----------------
Operating Cost* US$/t contained
for Uis Tin Mine tin 25,209 20,989 25,245 20%
------------------- ------------------ ------------------ ------------------ ----------------
AISC** for Uis Tin US$/t contained
Mine tin 27,515 23,526 29,282 24%
------------------- ------------------ ------------------ ------------------ ----------------
US$/t contained
Tin Price Achieved tin 38,604 34,367 22,975 -33%
------------------- ------------------ ------------------ ------------------ ----------------
* Operating Cost (excludes sustaining capital expenditure
associated with developing and maintaining the Uis operation;
unaudited)
** AISC = All-In Sustaining Cost (incorporates all costs related
to sustaining production and in particular recognising the
sustaining capital expenditure associated with developing and
maintaining the Uis operation, including pre-stripping waste mining
costs; unaudited)
Phase 1 Expansion Project
The Phase 1 Expansion Project is entering the final stages of
commissioning and is expected to be completed by the end of
September 2022. The project is projected to increase quarterly
production capacity to approximately 315 tonnes of tin concentrate
containing approximately 190 tonnes of tin metal (a 43% improvement
compared to Q2 performance).
The Company advises that commissioning of the Expansion Project
may impact on the production volumes for Q3 due to a required plant
shutdown period. The impact is expected to be approximately 3
weeks, an equivalent of approximately 50 tonnes of tin concentrate
production, after which normal production will be resumed.
Uis Exploration Drilling Programme
An infill exploration drilling programme is currently underway
at Uis with the aim of increasing the mineral resource confidence
for lithium and tantalum over the V1/V2 pegmatite. Of the 52
planned drill holes, 48 holes have been drilled, 30 holes have been
sampled and shipped for analysis, and assays for 9 holes have been
received.
In addition, the Company has finalised the planning of an
exploration drilling programme to validate the historical drill
hole database over the pegmatites proximal to the V1/V2 pegmatites
at Uis. This programme will follow the current infill drilling
phase.
Regional Exploration Programme
The Company continues to advance its exploration programmes over
its other mineral licences in Namibia, which include Brandberg
West, B1C1 and Nai-Nais.
An initial exploration drilling programme has been designed for
the Brandberg West deposit, the site of an historic tin and
tungsten deposit, with ancillary copper mineralisation.
Following the confirmation of lithium in the form of spodumene
(announced 2 March 2022) on the B1C1 mining licence adjacent to
Uis, the Company has finalised planning for an exploration drilling
programme with the aim of conducting an initial assessment of its
tantalum, tin, and lithium mineralisation.
A detailed mapping programme over the Nai-Nais licence
delineated over 500 pegmatites. A comprehensive sampling programme
is currently underway, and the Company will update the market upon
receipt of assays.
Metallurgical Testwork
Lithium metallurgical test work by our industry specialist
consultants Nagrom, Anzaplan and GeoLabs continues as scheduled.
These workstreams aim to expand on the promising results received
to date, which have confirmed a high-grade, ultra-low iron petalite
concentrate (announced 24 May 2022). In addition, ore sorting test
work continues with both Tomra and Steinert. Updates on these
workstreams and their results will be communicated to the market in
due course.
ESG
ESG remains a core value of AfriTin Mining and an integral part
of the Company's culture. The ESG team is currently finalising
several workstreams as part of a newly developed ESG framework with
the support of key external consulting agencies Digby Wells (South
Africa) and Environmental Compliance Consultancy (Namibia). These
include the establishment of AfriTin's 5-year ESG strategy, an
inaugural sustainability report working towards GRI reporting
standards and the development of a Corporate Social Investment
(CSI) framework.
Additional site-specific ESG work streams for the Uis Mine
include a Climate Change Risk Assessment, initial Mine Closure
Plan, updated Environmental Management Plan (EMP) and Environmental
and Social Impact Assessment (ESIA) in line with our by-product
expansion projects, and ongoing geotechnical and geochemical
analysis of co-disposal facilities. All of these workstreams are
being conducted in line with international best-practice guidelines
and align with ICMM and IFC standards.
The Company continues to put its employee's safety and
well-being at the forefront of its operations. In this regard, a
Safety Mindset and Elimination of Fatalities programme has been
implemented across the group to ensure the ongoing safety of our
teams.
For further details please contact:
AfriTin Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO
Nominated Adviser +44 (0) 207 220 1666
WH Ireland Limited
Katy Mitchell
Corporate Advisor and Joint
Broker
H&P Advisory Limited
Andrew Chubb
Jay Ashfield
Matthew Hasson +44 (0) 20 7907 8500
Stifel Nicolaus Europe Limited
Ashton Clanfield
Callum Stewart
Varun Talwar +44 (0) 20 7710 7600
Tavistock Financial PR (United
Kingdom) +44 (0) 207 920 3150
Emily Moss
Cath Drummond
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are subject to known and unknown risks and uncertainties. There are
a number of factors including, but not limited to, commercial,
operational, economic and financial factors, that could cause
actual results, financial condition, performance or achievements to
differ materially from those expressed or implied by these
forward--looking statements. Many of these risks and uncertainties
relate to factors that are beyond the Company's ability to control
or estimate precisely, such as changes in taxation or fiscal
policy, future market conditions, currency fluctuations, the
behaviour of other market participants, the actions of governments
or governmental regulators, or other risk factors, such as changes
in the political, social and regulatory framework in which the
Company operates or in economic or technological trends or
conditions, including inflation, recession and consumer confidence,
on a global, regional or national basis. Given those risks and
uncertainties, readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of this Announcement. Each of the Company, H&P
and/or Stifel expressly disclaims any obligation or undertaking to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise unless
required to do so by applicable law or regulation.
WH Ireland Limited, which is authorised and regulated by the
Financial Conduct Authority ("FCA") in the United Kingdom, is
acting as nominated advisor for the purposes of the AIM Rules for
Nominated Advisers and the AIM Rules for Companies exclusively for
the Company and no one else in connection with the Placing and will
not regard any other person (whether or not a recipient of this
Announcement) as a client in relation to the Placing and will not
be responsible to anyone other than the Company in connection with
the Placing or for providing the protections afforded to their
clients or for giving advice in relation to the Placing or any
other matter referred to in this Announcement.The responsibilities
of WH Ireland, as nominated adviser, are owed solely to the London
Stock Exchange plc and are not owed to the Company or to any
director or any other person and accordingly no duty of care is
accepted in relation to them. No representation or warranty,
express or implied, is made by WH Ireland as to, and no liability
whatsoever is accepted by WH Ireland in respect of, any of the
contents of this Announcement (without limiting the statutory
rights of any person to whom this Announcement is issued).
H&P Advisory Limited, which is authorised and regulated by
the FCA in the United Kingdom, is acting exclusively for the
Company and for no one else in connection with the Placing and will
not regard any other person (whether or not a recipient of this
Announcement) as a client in relation to the Placing and will not
be responsible to anyone other than the Company in connection with
the Placing or for providing the protections afforded to their
clients or for giving advice in relation to the Placing or any
other matter referred to in this Announcement.
Stifel Nicolaus Europe Limited, which is authorised and
regulated by the FCA in the United Kingdom is acting exclusively
for the Company and for no one else in connection with the Placing
and will not regard any other person (whether or not a recipient of
this Announcement) as a client in relation to the Placing and will
not be responsible to anyone other than the Company in connection
with the Placing or for providing the protections afforded to their
clients or for giving advice in relation to the Placing or any
other matter referred to in this Announcement.
This Announcement is being issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by or on
behalf of WH Ireland, H&P and/or Stifel (apart from the
responsibilities or liabilities that may be imposed by the
Financial Services and Markets Act 2000, as amended ("FSMA") or the
regulatory regime established thereunder) and/or by any of their
respective affiliates and/or any of their respective
Representatives as to, or in relation to, the accuracy, adequacy,
fairness or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
interested party or their respective advisers or any other
statement made or purported to be made by or on behalf of WH
Ireland, H&P and/or Stifel and/or any of their respective
affiliates and/or by any of their respective Representatives in
connection with the Company, the Placing Shares or the Placing and
any responsibility and liability whether arising in tort, contract
or otherwise therefor is expressly disclaimed. No representation or
warranty, express or implied, is made by WH Ireland, H&P and/or
Stifel and/or any of their respective affiliates and/or any of
their respective Representatives as to the accuracy, fairness,
verification, completeness or sufficiency of the information or
opinions contained in this Announcement or any other written or
oral information made available to or publicly available to any
interested party or their respective advisers, and any liability
therefor is expressly disclaimed.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction or
disclosure of this Announcement, in whole or in part, is
unauthorised. Failure to comply with this directive may result in a
violation of the Securities Act or the applicable laws of other
jurisdictions.
This Announcement does not constitute a recommendation
concerning any investor's options with respect to the Placing.
Recipients of this Announcement should conduct their own
investigation, evaluation and analysis of the business, data and
other information described in this Announcement. This Announcement
does not identify or suggest, or purport to identify or suggest,
the risks (direct or indirect) that may be associated with an
investment in the Placing Shares. The price and value of securities
can go down as well as up and investors may not get back the full
amount invested upon the disposal of the shares. Past performance
is not a guide to future performance. The contents of this
Announcement are not to be construed as legal, business, financial
or tax advice. Each investor or prospective investor should consult
his or her or its own legal adviser, business adviser, financial
adviser or tax adviser for legal, business, financial or tax
advice.
Any indication in this Announcement of the price at which the
Company's shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. Persons needing
advice should consult an independent financial adviser. No
statement in this Announcement is intended to be a profit forecast
or profit estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings, earnings
per share or income, cash flow from operations or free cash flow
for the Company for the current or future financial periods would
necessarily match or exceed the historical published earnings,
earnings per share or income, cash flow from operations or free
cash flow for the Company.
All offers of the Placing Shares will be made pursuant to an
exemption under the EU Prospectus Regulation and the UK Prospectus
Regulation from the requirement to produce a prospectus. This
Announcement is being distributed and communicated to persons in
the United Kingdom only in circumstances in which section 21(1) of
FSMA does not apply.
The Placing Shares to be issued pursuant to the Placing will not
be admitted to trading on any stock exchange other than AIM.
Members of the public are not eligible to take part in the
Placing and no public offering of Placing Shares is being or will
be made.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this Announcement.
This Announcement has been prepared for the purposes of
complying with applicable law and regulation in the United Kingdom
and the information disclosed may not be the same as that which
would have been disclosed if this Announcement had been prepared in
accordance with the laws and regulations of any jurisdiction
outside the United Kingdom.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKPBPPBKDBCD
(END) Dow Jones Newswires
September 15, 2022 12:30 ET (16:30 GMT)
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