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