Firm completes hat-trick of AIM deals after advising on tin miner flotation

Shubhu Patil

The Leeds office of law firm Mills & Reeve has advised on the £11.6m stock market listing of tin mining company, AfriTin.

AfriTin is a newly formed company which has acquired the tin assets of AIM-quoted miner Bushveld Minerals Limited in Namibia and South Africa.

A placing and subscription for existing and new institutional and sophisticated private investors raised £3.5m with a further £1m raised from convertible loan notes that converted on admission. AfriTin had a market capitalisation of £11.6m on admission.

AfriTin was formed to take advantage of the current deficit in primary tin production.  Anthony Vijoen, CEO, 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. It advised AIM-quoted insurance company, Randall & Quilter Investment Holdings, on a placing and related open offer raising up to around £49m. Mills & Reeve also acted for location solutions company, Ubisense Group plc, on a placing raising £5.5m.

Shubhu Patil, principal associate in the corporate team at Mills & Reeve, which advised nominated advisor 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. With our experience and expertise in advising quoted and listed companies, and in particular in bringing companies to market, we look forward to completing further capital markets transactions in the near future.”

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