GRAND BAIE, Mauritius, March 16, 2020 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH: JSE AltX, “Alphamin”, or the “Company”) is pleased to announce that it’s 80.75% subsidiary, Alphamin Bisie Mining SA (“ABM”), has exercised its previously announced option with senior lenders to defer debt capital repayments.

As announced on 16 October 2019, the Company’s lender consortium granted an option to ABM to elect to amend quarterly debt capital instalments of approximately US$8.17 million commencing the end of March 2020, to a deferred monthly capital instalment schedule as set out below (“the Option”). ABM has exercised the Option.

The revised debt instalment schedule (principal and interest) is as follows:

• Ongoing monthly payments of US$1.3 million (interest only) to the end of June 2020
• From the end of July 2020, a monthly fixed debt capital instalment of approximately US$2.72 million over 36 months, plus interest (initially US$1.3 million per month)

The result is a reduction of approximately US$16.34 million in debt capital repayments for the 2020 financial year.

The exercise of the Option offers Alphamin the opportunity to strengthen its working capital position prior to the commencement of debt capital repayments. A cash fee of US$400,000 was paid upon the exercise of the Option.

The recent coronavirus outbreak is having an impact on global commodity prices. The LME tin price has recently ranged between US$15,000/t and US$17,000/t compared to the Company’s NI 43-101 Technical Report which assumed a price of US$17,000/t. The Company continues to focus on achieving its full production targets at the lowest possible unit cost.

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith                                     
CEO                           
Alphamin Resources Corp.                           
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com 

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

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