Acquisition gives IMIC control over 18.12% of Afferro's voting rights
LONDON, UK, June 27, 2013 /CNW/ - International Mining & Infrastructure Corporation plc ("IMIC")(AIM: IMIC), the company focused on unlocking the value of African iron ore through infrastructure development and strategic investments in junior miners, announces it has purchased an additional 8,588,000 shares in Afferro Mining Inc. ("Afferro") representing approximately 8.18% of Afferro's issued and outstanding shares.
The shares were acquired at an average price of 79.56p per share (approximately Cdn. $1.28 based on the Bank of Canada closing exchange rate of 1.6052 Cdn.$ per £ for June 26, 2013) on the open market of the AIM Market of the London Stock Exchange. Following this purchase, IMIC holds 19,031,342 common shares in Afferro Mining Inc. representing 18.12% of Afferro's issued and outstanding shares.
Haresh Kanabar, IMIC's Chairman, said: "After the announcement on Monday of our recommended agreement to acquire Afferro, it was expedient for us to acquire further Afferro shares in the market. We now hold 18.12% of Afferro's voting rights and look forward to the completion of the acquisition following the relevant shareholder and regulatory approvals."IMIC's address is 40 New Bond Street, London W1S 2RX, United Kingdom. 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.