Andrada Mining shareholder BPM Investments Limited is increasing its stake in the Namibian tin producer from 3.16% to 3.66% after converting £577,845.28 in outstanding loan notes and accumulated interest into ordinary shares.
The AIM-listed company announced on 20 October 2026 that BPM had notified it of the conversion of five loan notes, which form part of a financing arrangement established in July 2023.
The transaction involves £500,000 in principal and £77,845.28 in capitalised interest, which will be converted into 11,556,905 new ordinary shares at an agreed price of five pence per share.
BPM currently holds 69,426,746 shares in Andrada, representing approximately 3.16% of the company’s existing issued share capital of 2,198,914,748 shares.
Following the conversion, BPM’s holding will increase to 80,983,651 shares, representing approximately 3.66% of Andrada’s enlarged issued share capital.
The conversion forms part of an arrangement under which Andrada issued 77 unsecured convertible loan notes in July 2023, each with a principal value of £100,000.
The notes had a combined original principal value of £7.7 million and can be converted into ordinary shares under the associated loan note documentation.
Andrada said the outstanding principal under the loan notes has now been reduced to £7.2 million, excluding interest.
The company also referred to an announcement issued on 29 August 2026, when the terms of the loan notes were varied, but did not provide further details of those amendments in its latest statement.
Andrada has applied to the London Stock Exchange for the 11,556,905 new shares to be admitted to trading on AIM.
Admission is expected to become effective at 08:00 on 26 October 2026, when dealings in the new shares are scheduled to commence.
Following admission, Andrada’s total issued share capital will increase to 2,210,471,653 ordinary shares, all carrying voting rights.
The company said shareholders may use the enlarged share capital to calculate their interests and determine whether they are required to disclose changes in their holdings under its articles, the Financial Conduct Authority’s disclosure rules and the AIM Rules for Companies.
Andrada is a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia.
