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International Mining and Infrastructure Corporation

  • BY: Andrew Hore |
  • POSTED: 08/05/2013 |

International Mining and Infrastructure Corporation says that it has arranged $100m of financing for its proposed offer for Afferro Mining Inc.

At 22p a share, down 1.25p, IMIC is valued at £13.2m. The Afferro offer values the Cameroon-focused iron ore projects owner at between £105m and £147m. The new funding will cover the cash element of any offer.

There are three alternative offers. The first is 80p a share in cash plus a convertible loan note of 20p for each Afferro share. The second is 50p a share in cash and a convertible loan note of 70p for each Afferro share. The convertible loan notes will last 24 months and have a yield of 8%. The third is an all share offer that would value each Afferro share at 140p.

IMIC is required to issue a bid document and negotiate a plan of arrangement. Afferro has not said that it will recommend the bid.

IMIC has already negotiated strategic partnerships with two Chinese government-owned entities for infrastructure and offtake agreements for the Nkout iron ore project.

Another of Afferro’s assets is Ntem, which has a total inferred mineral resource of 76Mt ata grade of 34.2% iron.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf

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