AfriTin Mining receives $5m loan from AfriMet Resources amid Uis phase 1 ramp up

Mining company AfriTin Mining has raised £3.8 million ($5 million) through the establishment of an unsecured convertible loan note agreement with Switzerland-based trading house AfriMet Resources, the company said on November 26.

The agreement was made for a total amount of £3.8 million, in which the notes are allocated at a value of £100,000 each under 18-month terms, and will hold an interest rate of 10% per annum payable on the redemption or conversion of the notes.

AfriMet Resources, a subsidiary of commodity trading house Vanomet AG, remains the beneficiary of the loan notes, while the...


Hassan Butt

December 06, 2019

18:18 GMT