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Iron ore-focused mining investment company International Mining & Infrastructure Corp (IMIC) confirms that it has made a bid approach for the much larger, iron ore-focused Afferro Mining Inc.
The bid would be between 115p a share and 140p a share and be in a mixture of cash and shares. TSX-V and Aim-quoted Afferro has not made a formal response to IMIC and the bid may not be tabled. Afferro is currently in exclusive bid talks with another party and exclusivity lasts until 13 January.
In July 2012, IMIC bought a 3.9% stake in Afferro at 48.4p a share. Afferro’s main focus is the Nkout iron project, located in the emerging iron ore district of southern Cameroon.
Last summer, IMIC raised £10m at 20p a share and subsequently raised a further $50m through a bond issue.
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.
At 28.25p a share, IMIC is valued at £17m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf
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