News blog

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

© 2023 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at Subscribe to AIM Micro RSS Feeds