Deutsche Rohstoff AG and its majority owned Australian company Tin International Limited successfully completed its first drilling program at its 100% owned Gottesberg and Geyer tin projects Saxony, Germany. Between November 2011 and April 2012, a total of eight holes were drilled for 2,150 meters of confirmatory drilling between both projects. The program was designed to confirm the historical resource estimate, which was prepared in the 1970s and 1980s by German Democratic Republic geologists. Tin International has appointed an independent expert who will provide a resource report according to the internationally recognized Australian JORC Standard by July 2012.
To continue the exploration program without delay, Tin International has successfully completed a A$ 3 million (EUR 2.36 million) capital raising at A$ 0.85 per share. The previous capital raising in September 2011 was at A$ 0.50 per share. Helmsec Global Capital Limited acted as exclusive lead manager for the capital raising. Preparations for the ASX IPO of Tin International have also commenced in Australia. Subject to prevailing market conditions, the IPO is to take place in the second half of 2012. Deutsche Rohstoff AG’s ownership in Tin International, which has a total of 47.5 million shares outstanding, amount to 61% after the recent capital increase.
