Alphamin Announces Closing of the First US$7 Million Investment by the Industrial Development Corporation of South Africa Limted
GRAND BAIE, MAURITIUS--(Marketwired - Jan 28, 2016) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin" or the "Company") announces that it has received the first US$7,000,000, representing tranches 1 and 2 in the amounts of US$4,000,000 and US$3,000,000 respectively, of the previously announced US$10,000,000 investment by the Industrial Development Corporation of South Africa Limited ("IDC"). The third and final tranche of US$3,000,000 is subject to the completion of certain conditions precedent which the Company expects to complete in the first quarter of 2016.
In accordance with the subscription agreement the IDC have been issued 11% of the Category A shares of the Company's DRC subsidiary, Alphamin Bisie Mining SA ("ABM"). Following the closing of tranches 1 and 2 the Company holds an 84.55% interest in ABM.
ON BEHALF OF THE BOARD OF DIRECTORS
Eoin O'Driscoll, Chief Financial Officer
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Contact
Alphamin Resources Corp.
Eoin O'Driscoll
Chief Financial Officer
+230 269 4166
Grand Baie, Mauritius
www.alphaminresources.com