Now focused more on vanadium, Bushveld will retain a 17.5% stake with a further 24.4% to be distributed to shareholders.
READ: Bushveld Minerals and Bushveld shareholders to own roughly 41.9% of AfriTin Mining when it lists
Anthony Viljoen will be AfriTin’s chief executive and stands down as an executive director at Bushveld though remain a non-exec.
AfriTin Mining is valued at £2mln at the issue price of 3.9p.
Fortune Mojapelo, Bushveld Minerals’s chief executive, said: "With this milestone, we have fulfilled our promise to shareholders to develop the necessary critical-mass for a stand-alone tin company with a near-term production profile and a perfect opportunity to grow into the African tin champion.
"We are delighted to have AfriTin listed on the AIM Market. As a substantial and committed shareholder, Bushveld will remain supportive of AfriTin. "