Bushveld shareholders approved the spin-off of AfriTin back on October 20.
AfriTin owns the Mokopane tin asset in South Africa, a near half share of the 85%-owner of Uis in Namibia that it acquired in June for £650,000, and the brownfield project Marble Hall.
The proposed timetable is as follows:
Redemption Date: 9 November 2017
Demerger Record Date: 8 November 2017
Payment Date: 9 November 2017
After the issue of new equity in AfriTin Mining, it is anticipated that Bushveld Minerals and the Bushveld shareholders will hold a combined interest of 41.9% in AfriTin Mining.
A slight tweak to the share exchange terms have been made.
Bushveld Minerals shareholders will be issued roughly 0.0899 of a AfriTin Mining share for each Nushveld share they hold, rather than 1 AfriTin Mining Share as originally envisaged. The adjustment has been made to ensure that the number of AfriTin shares in issue and their pricing are in line with market practice and expectation.
“Nevertheless such new AfriTin Mining shares will be issued to Bushveld Minerals shareholders in the same proportion (as near as practicable) in which the Bushveld Minerals ordinary shares are held by them at the record time for the demerger. Bushveld Minerals shareholders will therefore hold the same interest in AfriTin Mining as they do in Bushveld Minerals, prior to any further share issuances that will occur upon admission of AfriTin Mining (such as the proposed placing of new AfriTin Mining shares)”, Bushveld said.