Alphamin Resources Corp.

Equity Financing of up to US$56.1 Million to Complete Construction Activities at the Bisie Tin Project

GRAND BAIE, MAURITIUS--(Marketwired - Dec. 7, 2017) -

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Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin", or the "Company") is pleased to announce that it has entered into an agreement with Sprott Capital Partners ("SCP") and Tamesis Partners LLP ("Tamesis") (collectively, the "Agents"), under which the Agents have agreed to act on behalf of the Company in connection with a best efforts private placement of up to 124,651,807 Units (as defined below) at a price of C$0.32 per Unit to raise gross proceeds of up to approximately C$39.9 million (up to approximately US$31.3 million) (the "Private Placement"), including a brokered private placement in South Africa to be priced in Rand at the equivalent price of ZAR3.40 (the "JSE Placement").

Contemporaneously with the closing of the Private Placement, the Company intends to complete a non-brokered private placement with its 44.15% shareholder, Tremont Master Holdings Limited ("Tremont"), for up to 98,538,537 Units on the same terms to raise additional proceeds of up to approximately C$31.5 million (up to approximately US$24.8 million) (the "Tremont Private Placement").

Collectively, the Private Placement (including the JSE Placement) and the Tremont Private Placement (collectively, the "Offering") would raise aggregate gross proceeds of up to approximately C$71.4 million (up to approximately US$56.1 million) from the issue of up to 223,190,344 Units.

Each Unit comprises one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") for a period of 36 months following the closing date of the respective offerings at an exercise price of C$0.40 per Warrant Share (or in the case of Warrants issued to participants in the JSE Placement, the exercise price will be determined with respect to the average CAD:ZAR exchange rate on the day before the Warrant is exercised), subject to adjustment in certain events. The Company will make an application to list the Common Shares, the Warrants and the Warrant Shares issuable pursuant to the Offering on the TSXV Exchange (other than the Warrants issued pursuant to the JSE Placement which will not be listed on the TSXV Exchange).