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LONDON - Andrada Mining Limited (AIM:ATM, OTCQB: ATMTF) plans to raise approximately £6 million through a strategic equity subscription and placing to fund capital projects at its Namibian operations, according to a press release issued Thursday.
The critical minerals producer intends to raise up to £4.5 million through a subscription by new investor Talent10 Resources Proprietary Limited and an additional £1.5 million via an accelerated bookbuild to institutional investors.
The fundraising will issue up to 197 million new ordinary shares at 3 pence per share, representing an 8% premium to the company’s 15-day volume weighted average price as of June 25.
Proceeds from Talent10’s subscription will be directed toward specific capital projects at Andrada’s Uis processing facility in Namibia, with approximately £2.6 million allocated for ore-sorters and infrastructure upgrades, and £1.8 million to accelerate commissioning of a jig plant. These enhancements are expected to improve the production profile at the company’s processing facility.
The additional funds from the placing will strengthen Andrada’s balance sheet and supplement working capital requirements.
Talent10, established in 2012, is a private investment company with a portfolio spanning mining, energy, technology, media, and industrial sectors. Following the transaction, Talent10 would hold approximately 8% of Andrada’s expanded share capital.
H&P Advisory Limited is acting as sole bookrunner for the placing, which is conditional upon admission of the new shares to trading on AIM, expected around July 1, 2025.
Andrada Mining operates mining and exploration assets in Namibia focused on critical raw materials including lithium, tin, tungsten, tantalum, and copper.
The information in this article is based on a company press release statement.
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