AFMJF - Alphamin: Problems And Stock Dilution At The Finish Line
Introduction
On April 8, Toronto- and Johannesburg-listed Alphamin Resources (AFMJF) announced it raised $12 million in an equity offering after identifying a working capital shortfall of $9 million due to a change in the mining method at its world-class Bisie tin project in the Democratic Republic of Congo ((DRC)) and other project delays.
With full commissioning and ramp-up scheduled for Q2 2019 and production at planned throughput expected in Q3 2019, the company is diluting shareholders on the final stretch of development.
In December 2018, Alphamin had assured investors that it was sufficiently