International Mining & Infrastructure Corp (IMIC) is raising £10m at 20p a share and it is talking to potential Chinese strategic partners.
An agreement with African Iron Ore Group led to IMIC being offered the chance to be involved in AIOG’s joint venture with the Guinea government in the Simandou South iron ore-related infrastructure project. IMIC and AIOG initially swapped 10 per cent stakes in each other. Following the placing AIOG has a 13% stake.
The cash will be used to fulfil the obligations related to the Simandou South iron ore project plus other potential investments.
At 25.5p a share, up 2.5p, IMIC is valued at £2.56m – prior to the issue of the new shares.
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