Andrada Mining, an African technology metals mining company, has successfully listed its shares on the OTCQB, a US exchange.
The company made the move to enhance access to American retail investors and expand its shareholder base.
“Admission to the OTCQB market is a key step in Andrada’s strategy to broaden the company’s investor base by making its shares more accessible to North American institutional and retail investors, “Andrada CEO Anthony Viljoen said on Monday.
“This investor base is known for its understanding of, and strong appetite for, mining companies, particularly in lithium equities. To that effect, Andrada will start marketing and outreach efforts to US-based investors in the coming months to increase awareness of our significant near-term lithium project.”
The trading of Andrada’s ordinary shares on the LSE’s Aim market and the Namibian Stock Exchange, where it listed last year, will continue unaffected by the additional listing.
Financial firms Hannam&Partners and STIFEL will continue to be Andrada’s joint corporate brokers in the UK.
Additionally, Andrada announced that it has finalized the contractual documentation for a N$100 million senior secured debt facility with the Development Bank of Namibia (DBN).
By executing the contractual documentation, it signifies that all parties involved, have agreed to the terms and conditions of the senior secured debt facility. It also indicates that the legal obligations and rights of each party have been documented and acknowledged.
The facility has a ten-year term, with no interest or capital repayment required for the first 12 months. Subsequently, interest will accrue at the Namibian prime lending rate, currently at 11%, plus 2.5% per year.
The completion of the facility is subject to several final conditions, including the execution of an intercreditor agreement between the DBN and Standard Bank, which has been agreed in principle, and the finalization of the associated security package.
The company expects the facility to be completed and the drawdown to take place by the end of June, with further updates to be provided thereafter.
Andrada owns and operates the Uis mine, in Namibia, where it produces tin and more recently, it has set its sights on producing lithium at the mine.
