/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES./
LONDON, UK, Oct. 23, 2013 /CNW/ - Afferro Mining Inc. ("Afferro" or the
"Company") and International Mining & Infrastructure Corporation plc
("IMIC") have agreed to amend the Arrangement Agreement details of
which were announced on 24 June 2013, 18 July 2013 and 13 September
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 "Arrangement").
The amendments provide for the extension of the outside date to 26
November 2013. In addition to the approval of the shareholders of IMIC,
the Arrangement remains subject to, inter alia, the satisfaction or waiver of the conditions to closing. It is expected
that the Arrangement will complete prior to 26 November 2013.
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 21 November 2013
and no later than 26 November 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.
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. 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.
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.
SOURCE: Afferro Mining Inc.
For further information:
Afferro Mining Inc.
+44 (0) 20 7010 7680
Luis da Silva / Jeremy Cave
Canaccord Genuity Limited
+44 (0) 20 7523 8000
Melissa So / Joe Weaving
Investec Bank Plc
Nominated Adviser and Joint Broker
+44 (0) 20 7597 5970
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RBC Capital Markets
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Pelham Bell Pottinger
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+44 (0) 20 7861 3232
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International Mining and Infrastructure Corporation plc
+44 (0) 20 7290 3340
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Mark Court/Fiona Henson/Sophie Cowles