Acquisition gives IMIC control over 18.12% of Afferro's voting rights
LONDON, UK, June 27, 2013 /CNW/ - International Mining & Infrastructure Corporation plc ("IMIC")(AIM: IMIC), the company focused on unlocking the value of
African iron ore through infrastructure development and strategic
investments in junior miners, announces it has purchased an additional
8,588,000 shares in Afferro Mining Inc. ("Afferro") representing
approximately 8.18% of Afferro's issued and outstanding shares.
The shares were acquired at an average price of 79.56p per share
(approximately Cdn.$1.28 based on the Bank of Canada closing exchange
rate of 1.6052 Cdn.$ per £ for June 26, 2013) on the open market of the
AIM Market of the London Stock Exchange. Following this purchase, IMIC
holds 19,031,342 common shares in Afferro Mining Inc. representing
18.12% of Afferro's issued and outstanding shares.
Haresh Kanabar, IMIC's Chairman, said: "After the announcement on Monday of our recommended agreement to
acquire Afferro, it was expedient for us to acquire further Afferro
shares in the market. We now hold 18.12% of Afferro's voting rights and
look forward to the completion of the acquisition following the
relevant shareholder and regulatory approvals."
IMIC's address is 40 New Bond Street, London W1S 2RX, United Kingdom.
International Mining Infrastructure Corporation plc (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
ore. 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 multipurpose,
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
initiated. IMIC's first strategic investment was the purchase of a 3.9%
stake in Afferro Mining Inc, followed by a subsequent purchase and
option taking its voting rights to 6.8%,whose most advanced asset,
Nkout, and its other projects are located in Cameroon.
IMIC shares are traded on the London Stock Exchange's AIM market under
the ticker symbol IMIC.
SOURCE: International Mining & Infrastructure Corporation plc
For further information:
International Mining and Infrastructure Corporation plc
Haresh Kanabar, Chairman
Ousmane Kane, Chief Executive Officer
James Ward, Finance Director
+44 (0) 20 7290 3340
WH Ireland Limited - Nominated Adviser
+44 (0) 117 945 3470
Mark Court / Fiona Henson / Sophie Cowles
+44 (0) 20 7466 5000