BPM Investments Increases Stake in Andrada Mining Following £577,845 Convertible Debt Conversion
The major shareholder raises its holding to 3.66% in the London-listed critical metals producer after converting five loan notes, reducing Andrada’s outstanding note facility principal by £500,000.
LONDON & ERONGO — BPM Investments Limited has increased its equity holding in AIM-listed critical metals producer Andrada Mining Limited to 3.66% following the conversion of £577,845 (~$750,000) in unsecured convertible loan notes.
The debt-to-equity conversion comprised five loan notes containing £500,000 in principal alongside £77,845 in capitalized accrued interest.
Equity Issuance & Shareholding Impact
The conversion expands BPM Investments' equity footprint while adjusting total voting rights:
- New Equity Issuance: Andrada issued 11,556,905 new ordinary shares at a fixed conversion price of 5.00 pence per share per the terms of the original July 2023 loan note documentation.
- Shareholder Expansion: BPM Investments increased its total holding from 69,426,746 ordinary shares (3.16%) to 80,983,651 ordinary shares (3.66%) of the enlarged share capital.
- Voting Rights & AIM Admission: Total enlarged issued share capital stands at 2,210,471,653 ordinary shares.Application has been made to the London Stock Exchange for AIM admission, with dealings in the new shares scheduled to begin at 8:00 a.m. on October 26, 2026.
Balance Sheet & Facility Impact
The conversion reduces Andrada’s outstanding liabilities under its long-term financing facility:
- Facility Balance Reduction: Outstanding principal under the July 2023 convertible loan note facility has been reduced from £7.7 million down to £7.2 million (excluding interest).
- Asset Operations: Andrada Mining operates the flagship Uis tin, lithium, tantalum, and tungsten mine in Namibia's Erongo region, supporting critical metals supply chains for industrial, technology, and energy transition markets.
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