/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES./
LONDON, UK, Nov. 25, 2013 /CNW/ - Afferro Mining Inc. ("Afferro" or the
"Company") and International Mining & Infrastructure Corporation plc
("IMIC") are updating the market on the Arrangement Agreement, details
of which were announced on 24 June 2013, 18 July 2013, 13 September
2013 and 23 October 2013, pursuant to which IMIC, through its wholly
owned subsidiary, Afferro Holdings Ltd., will acquire all of the issued
and to be issued common share capital of the Company (the
The Board of Afferro (the "Board") advises that the current outside date
of 26 November 2013 for the completion of the Arrangement will not be
met. The Parties are in discussion to amend the Arrangement Agreement
for a new outside date, which is expected to be no later than 31
December 2013. The Board also notes that IMIC announced to the market
on 22 November 2013 its intention to mail its AIM Re-admission Document
this week and hold its general meeting to approve the Arrangement in
the week commencing 16 December 2013, which is consistent with the
expectation that the deal be concluded by the 31 December 2013 at the
latest. A further announcement will be made once the amendment to the
Arrangement Agreement has been signed.
In accordance with this timing Afferro has applied for the cancellation
of its shares from admission to the AIM Market of the London Stock
Exchange ("Cancellation"). Following completion of the Arrangement, the
Company's shares will also be de-listed from the TSX-V. The
Cancellation is currently expected to take place at 07:00 (GMT) on a
date no earlier than 24 December 2013 and no later than 31 December
2013. These dates are subject to change and confirmation on the final
timetable for the Arrangement. Following completion of the Arrangement
and the Cancellation, Afferro's shareholders will cease to hold shares
in the Company and accordingly no dealings in Afferro's shares will be
able to be effected.
Forward Looking Statements
This announcement includes certain forward-looking statements. All
statements, other than statements of historical fact, included herein
are forward-looking statements that involve various known and unknown
risks and uncertainties as well as other factors. Such forward looking
statements are subject to a number of risks and uncertainties that may
cause actual results or events to differ materially from current
expectations. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements.
Information about the risks and uncertainties of the Company's business
is provided in its disclosure materials, including its Annual
Information Form for the 12 months ended 31 December 2012, available
under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that
could cause actions, events or results to differ materially from those
described in forward looking information, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended.
This news releases contains forward-looking statements concerning the
expected completion date of the Arrangement. There can be no assurance
that the Arrangement will occur or that the anticipated strategic
benefits and operational, competitive and cost synergies will be
realized. The Arrangement remains conditional on approval by IMIC
shareholders and the satisfaction or waiver of the conditions to
closing, including receipt of all necessary regulatory approvals, and
there can be no assurance that any such approvals will be obtained in a
timely manner or at all and/or any such conditions will be met.
The Arrangement could be modified, restructured or terminated. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Other risks and uncertainties not presently known to Afferro or that
Afferro presently believes are not material could also cause actual
results or events to differ materially from those expressed in the
forward-looking statements contained herein.
There can be no assurance that forward looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information.
The forward-looking information contained herein, speaks only as of the
date hereof (unless stated otherwise) and, except as may be required by
applicable law, Afferro disclaims any obligation to update or modify
such forward-looking statements, either as a result of new information,
future events or for any other reason.
Afferro is an established exploration and development company listed on
the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100%
owned Nkout, Ntem and Akonolinga iron ore projects. It also holds a 70%
interest in the Ngoa project, an exploration target bordering Nkout.
All projects are subject to government rights. Nkout has an Indicated
Mineral Resource Estimate of 1.6Bt at 33.3% Fe and an Inferred Mineral
Resource Estimate of 0.9Bt at 30.8% Fe which are supported by the
technical report titled "Mineral Resource Estimate and Preliminary
Economic Assessment for the Nkout Iron Project, Community of Djoum,
Cameroon May 2013" with the effective date May 28, 2013 . Ntem has an
Indicated Mineral Resource Estimate of 39.1Mt at 34.0% Fe and an
Inferred Mineral Resource Estimate of 76.4Mt at 34.2% Fe which are
supported by the technical report titled "Mineral Resource Estimate for
the Ntem (Fe08) Iron Ore Project, South Province, Cameroon May 2013,
with the effective date 3 May 2013.
IMIC in conjunction with its privately held strategic partner African
Iron Ore Group (AIOG), is working to unlock value in the metals and
mining industry in West and Central Africa by providing infrastructure
solutions, for railways, deep-water ports, power and/or iron ore
beneficiation, that will allow the region's emerging iron ore projects
to develop into globally significant export operations.
IMIC and AIOG are well positioned to partner African host countries in
the delivery of infrastructure arrangements, and to assist with
initiatives that best address the long-term aspirations of their
governments and people.
China, as consumer of 70% of the world's seaborne iron ore, is key to
this opportunity. A best in breed alliance of Chinese construction and
equipment groups and iron ore off-takers has been carefully assembled
to provide funding and delivery of projects and onward sale of iron
AIOG's major infrastructure project, in partnership with IMIC, is the
Simandou South iron ore project in the Republic of Guinea, where there
is an agreement with the Guinean government to deliver a multi-purpose,
multi-user infrastructure solution which ultimately could become the
backbone of the country's transport network.
IMIC also takes strategic stakes in junior miners with the intention of
benefiting from the uplift in value once an infrastructure solution is
IMIC shares are traded on the London Stock Exchange's AIM market under
the ticker symbol IMIC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Afferro Mining Inc.
For further information:
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
+44 (0) 20 7010 7680
Canaccord Genuity Limited
Neil Elliot / Joe Weaving
+44 (0) 20 7523 8000
Investec Bank Plc
Nominated Adviser and Joint Broker
Chris Sim / Jeremy Ellis / George Price
+44 (0) 20 7597 5970
RBC Capital Markets
Jonathan Hardy / Richard Hughes
+44 (0) 20 7653 4000
Pelham Bell Pottinger
Public Relations Adviser
Daniel Thöle / James MacFarlane
+44 (0) 20 7861 3232
International Mining and Infrastructure Corporation plc
Haresh Kanabar/Ousmane Kane/James Ward
+44 (0) 20 7290 3340
Bank of America Merrill Lynch
Omar Davis/Ken McLaren
+44 (0) 20 7628 1000
Ocean Equities Limited
Guy Wilkes/Will Slack
+44 (0) 20 7786 4370
WH Ireland Limited
Nominated Adviser and Joint Broker
+44 (0) 117 945 3470
Media and Investor Relations Adviser
Mark Court/Fiona Henson/Sophie Cowles
+44 (0) 20 7466 5000