Mining company AfriTin Mining has raised ?3.8 million ($5 million) through the establishment of an unsecured convertible loan note agreement with Switzerland-based trading house AfriMet Resources, the company said on November 26.
The agreement was made for a total amount of ?3.8 million, in which the notes are allocated at a value of ?100,000 each under 18-month terms, and will hold an interest rate of 10% per annum payable on the redemption or conversion of the notes.AfriMet Resources, a subsidiary of commodity trading house Vanomet AG, remains the beneficiary of the loan notes, while the...