A dividend of 1 cent would be $10 million
Alphamin Bisie completes $35M (U.S.) distribution
2021-12-24 02:37 ET - News Release
Mr. Maritz Smith reports
ALPHAMIN ANNOUNCES RECEIPT OF PROCEEDS FROM SUBSIDIARY DISTRIBUTION AND WARRANT EXERCISES
Alphamin Resources Corp.'s 84.14-per-cent-owned operating subsidiary, Alphamin Bisie Mining SA (ABM), has completed a distribution to shareholders of $35-million (U.S.). The company has received approximately $29.5-million (U.S.) of this distribution.
In addition, as a result of recent exercises of share purchase warrants issued by the company in April, 2019, and which expire on April 8, 2022, the company has now received aggregate proceeds of approximately $20.2-million (Canadian) from the exercise of such warrants. The warrants are exercisable at a price of 30 Canadian cents per share, and if all remaining outstanding warrants are exercised prior to expiry, proceeds of an additional approximate $2.8-million (Canadian) would be received.
The current consolidated Alphamin cash position is approximately $83-million (U.S.). The company will assess the group cash position at financial year-end December, 2021, with a view to balancing capital allocations between growth initiatives, ABM 2021 corporate taxes due April, 2022, and a maiden Alphamin dividend.