Afferro Mining (TSX: V.AFF, Stock Forum) Monday confirmed that it has received an initial cash-and-stock takeover offer from International Mining and Infrastructure Corporation Plc (IMIC), this according to a company news release.
Afferro, which also trades on London’s AIM exchange, added that the price offered is between 115 and 140 pence per Afferro share.
Afferro added that it is also in talks with “one other party” about a possible offer, which precludes it from engaging in discussions with IMIC until January 13.
Afferro Mining is a developer of iron-ore projects in Cameroon.