Alphamin Resources Corp.: Project Funding Update
GRAND BAIE, MAURITIUS--(Marketwired - May 16, 2017) -
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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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to costs of production, success of mining operations, the ranking of the project in terms of cash cost and production, economic return estimates, social, community and environmental impacts, and continued positive discussions and relationships with local communities and stakeholders. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: Alphamin's ability to secure sufficient financing to advance and complete the Bisie Tin Project, uncertainties associated with Alphamin's resource and reserve estimates, uncertainties regarding global supply and demand for tin and market and sales prices, uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community and environmental impacts, adverse political events, uncertainties with respect to optimization opportunities for the Bisie Tin Project, as well as those risk factors set out in the Company's Management Discussion and Analysis and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws."
Contact
Alphamin Resources Corp.
Boris Kamstra
Chief Executive Officer
Grand Baie, Mauritius
+230 269 4166
boris.kamstra@alphaminresources.com
Alphamin Bisie Mining SA
Richard Robinson
Directeur General/Managing Director
+243816065577
r.robinson@abmdrc.com
Logu au croisement de la Nationale N °3 et
de la route menant a Bisie
Walikale, Nord - Kivu
Republique Democratique du Congo
