GRAND BAIE, MAURITIUS--(Marketwired - May 16, 2017) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin", or the "Company") is pleased to announce that it has executed non-binding term sheets for US$ 80 million of project debt.
DEBT FINANCING
Alphamin is pleased to announce that it has executed non-binding term sheets in connection with the provision of US$ 80 million of project debt for its Bisie Tin Project ("the Project").
The term sheets are indicative, subject to conditions precedent customary for facilities of this nature, including required regulatory approvals, and do not constitute binding commitments on either Alphamin or the potential lenders. Alphamin is working dilligently towards securing unconditional commitments from the potential lenders, and will update the market as soon as more information is available. The can be no assurance that the Company will be successful in obtaining binding commitments or in completing the required debt financing for the Project.
Alphamin's CEO, Boris Kamstra commented: "I am delighted with the latest developments on the debt portion of the overall funding package. I am confident that the potential lenders' due diligence processes will be completed to their satisfaction, and look forward to working together with the parties in order to timeously secure unconditional commitments for these facilities."
MORE INFORMATION ON ALPHAMIN RESOURCES CORP.:
Alphamin is a tin exploration and development company with the vision to be respected in the international tin sector by unleashing the full profit and potential of its world-class tin asset in North Kivu, DRC currently under development.
Alphamin has the vision to become a premier tin producer by:
- Leading a world-class, profitable mining company in North Kivu, delivering results for the benefit of all stakeholders and viewed with respect by the communities and Government.
- Becoming a profitable tin producer, while continuing with exploration to increase life of mine. ABM intends to operate a profitable tin mine in a safe environment while uplifting the local community. Alphamin is striving to develop the first, low-cost per tonne tin, industrial mine in North Kivu, while at the same time making a marked, positive impact on the communities surrounding the mine. We intend to be a tin mining company that excels at the production of tin and provides leadership for the region in terms of safety, health, environment and community development.
- Delivering on the commitment to develop the first large, industrial tin mine in North Kivu – giving Alphamin credibility locally and abroad – and becoming a business transformation reference in the tin mining industry.
- Creating value for both shareholders and the community.
- Committing, from the date of production, to spend 4% of its in-country operating and administrative expenses on community development. This investment will be governed with representative input from local communities and managed by the Lowa Alliance, a GDRC-regulated not-for-profit foundation. Alphamin will continue to preserve its legal rights to develop Bisie and explore ways to assist artisanal miners to transition from illegal to legal status, conflict-free sites elsewhere in the region.
- Implementing community projects, supported by the Lowa Alliance, being selected following an in-depth survey of the 13 500 households (approximately 70 000 residents) across the 44 communities closest to Bisie. Representative committees have prioritised a range of projects to promote social and economic development to which they, local authorities and potentially external donors, will also contribute. These projects would provide incentives for income beyond illegal artisanal mining while also providing educational and health infrastructure and services like potable water, malaria reduction and treatment and primary health care capacity building, agricultural and infrastructure capacity investment.
