Alphamin Resources has raised funds through a placement to finance the continued development of its Bisie tin project in the North Kivu Province of the Democratic Republic of the Congo (DRC).

The company raised around C$56m ($44.91m) by issuing a total of 174,998,484 units through closing of its previously announced offering of units.

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Under the offering, Alphamin completed a private placement of 89,141,841 units to raise a gross aggregate of C$28.5m ($22.85m) and a non-brokered private placement of 85,856,643 units for gross aggregate proceeds of around C$27.5m ($22.05m).

In addition, the company converted $1.215m of debt due to Sprott Private Resource Lending and Barak Fund SPC into 4,746,091 units. The debt is related to a previously announced credit facility of up to $80m.

Tremont Master Holdings is a 44.65% shareholder in the company, and subscribed for 84,256,643 units in the non-brokered private placement, while Adansonia PE Opportunities subscribed for 1,600,000 units.

“If the company meets additional conditions such as a further equity raise of $7m, it will have access to a drawdown of the facility’s remaining $45m.”

Alphamin has drawn down $10m of the credit facility by fulfilling all necessary conditions.

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As a result of an amendment to the facility, the company will have access to $25m.

However, the amount is subject to the satisfaction of certain additional conditions precedent, including completion of the private placements.

Furthermore, if the company meets additional conditions such as a further equity raise of $7m, it will have access to a drawdown of the facility’s remaining $45m.

Meanwhile, the company has raised an additional $6.6m from the Industrial Development Corporation of South Africa (IDC), which has approval to invest $13.7m in the Bisie project to maintain its 14.25% shareholding in Alphamin’s subsidiary, Alphamin Bisie Mining.

Simultaneously, Alphamin reached an agreement with Gerald Metals for a 100% offtake of the tin concentrate from the project for a period of five years.

The project has mineral resource estimate of 19,600t of tin in measured mineral resources, 188,400t tin of indicated mineral resource, and 22,800t of tin in inferred mineral resources category.