Alphamin Resources (TSXV: AFM) is set to have a new majority shareholder. The company disclosed last night that International Resources Holding will be acquiring Tremont Master Holdings majority interest in the company.
The arrangement will see IRH acquire a total of 719.0 million shares of Alphamin at a price of $0.70 per share, which is a 21% discount to Tuesday’s closing price. The purchase, which will see IRH obtain a 56% interest in Alphamin, is to consist of total consideration of $503.3 million, subject to certain adjustments.
IRH is an Abu Dhabi-based mining company that is focused on industrial metal supply chains. The company currently holds a 51% interest in Zambia’s Mopani copper mine, which they acquired in 2024.
“Following Tremont’s 12-year history in exploring, evaluating and then building and operating the Bisie mine, we are now pleased to transfer our ownership stake to another long-term investor who shares our vision for the operation and our commitment to the region,” commented Rob Still, Chairman of Tremont, on the transaction.
On a post closing basis, Tremont is expected to retain ownership of 10.1 million shares of Alphamin, which equates to an ownership stake of 0.8%.
The large transaction is expected to occur in the form of a block trade, with the transaction to occur at a price per share not exceeding 115% of the market price of the equity.
Alphamin in 2024 produced 17,324 tonnes of tin, generating gross revenues of US$528.0 million in gross revenues and net income of US$123.2 million, while paying dividends of C$0.09 a share.
Alphamin Resources last traded at $0.89 on the TSX Venture.
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