TIDMIMIC TIDMAFF

RNS Number : 1829E

Intl Mining & Infrast Corp PLC

08 May 2013

 
 For immediate release   8 May 2013

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 GBP105 million and GBP147 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."

For further information, please contact:

 
 International Mining and Infrastructure             www.imicplc.com 
  Corporation plc 
 Haresh Kanabar, Chairman 
  Ousmane Kane, Chief Executive Officer 
  James Ward, Finance Director                  +44 (0) 20 7290 3340 
 Bank of America Merrill Lynch - Financial 
  Adviser                                       +44 (0) 20 7628 1000 
 Omar Davis 
 Ken McLaren 
 
 Ocean Equities Limited                         +44 (0) 20 7786 4370 
 Guy Wilkes 
 Will Slack 
 
 WH Ireland Limited - Nominated Adviser         www.wh-ireland.co.uk 
  Mike Coe                                      +44 (0) 117 945 3470 
 Buchanan                                        www.buchanan.uk.com 
  Mark Court / Fiona Henson / Sophie Cowles     +44 (0) 20 7466 5000

About IMIC

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.

IMIC's first infrastructure project 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 initiated.

IMIC shares are traded on the London Stock Exchange's AIM market under the ticker symbol IMIC.

About Afferro Mining Inc.

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. Nkout comprises a National Instrument 43-101 ("NI 43-101") compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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