GREY:AFRIF - Post by User
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LTGoldBullon May 08, 2013 6:56am
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Post# 21350959
IMIC confirms Finance (Deal c$1.57-$2.20)
IMIC confirms Finance (Deal c$1.57-$2.20) INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
("IMIC" or "the Company")
Confirms Financing of Proposed Offer for Afferro Mining Inc.
International Mining & Infrastructure Corporation plc (AIM: IMIC), the company focused on unlocking the value of African iron ore through infrastructure development and strategic investments in junior miners, confirms that it has successfully arranged financing for the US$100 million cash element of its proposed offer to acquire the entire issued and to be issued share capital of Afferro Mining Inc. ("Afferro").
IMIC's proposed offer for Afferro, which values Afferro at between £105 million and £147 million, was detailed in an announcement on 17 April 2013 in which IMIC agreed to provide written undertakings to Afferro that it had US$100 million cash available to fund the cash element of the proposed offer.
The Board of IMIC has confirmed to Afferro the availability of US$100 million in cash.
Haresh Kanabar, Chairman of IMIC, said: "We are delighted to confirm that we have successfully raised the US$100 million cash element for our proposed acquisition of Afferro. Together with our Chinese strategic partners, we believe that our infrastructure-led strategy will allow Afferro's flagship asset, Nkout, and its pipeline of other iron ore opportunities, to become revenue generating assets."