Intl Mining & Infras (IMIC) - US$50 Million Bond Instrument
RNS Number : 3739P
Intl Mining & Infrast Corp PLC
24 October 2012
For immediate release 24 October 2012
INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
("IMIC" or "the Company")
Execution of US$50 million Bond Instrument
Initial US$10 million to be drawn down immediately
International Mining & Infrastructure Corporation plc(AIM: IMIC), the company
working to develop infrastructure solutions for the iron ore sector in Africa,
through engagement with African governments, a consortium of best of breed
Chinese infrastructure providers and locally operating mining companies, is
pleased to announce that it has executed a multi-tranche, unsecured bond with
a drawable value of up to US$50 million. An initial US$10 million will be
drawn down immediately.
The bond instrument, which is being issued to institutional investors, carries
semi-annual interest of 8.125 per cent per annum and is due to mature in
The initial draw down of US$10 million will be used to further support IMIC's
strategy, particularly in connection with the agreement with the Guinean
government for an infrastructure solution at the major Simandou South iron ore
project in the Republic of Guinea and in making strategic investments in
junior iron ore miners.
Haresh Kanabar, IMIC's Chairman, said: "We're delighted to have raised up to
US$50 million in the bond issue, which endorses our plans to unlock the
potential of iron ore in West and Central Africa. This funding is non-dilutive
and complements the placing announced in June in which we raised £10 million.
With significant funding in place, we look forward to delivering further
progress on our strategy."
For further information, please contact:
International Mining and Infrastructure Corporation plc www.imicplc.com
Haresh Kanabar, Chairman +44 (0) 20 7290 3340
James Ward, Finance Director
David Navas, Investor Relations
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Marc Davies +44 (0) 117 945 3470
Mark Court / Fiona Henson / Sophie Cowles +44 (0) 20 7466 5000
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 ideally 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.
China, as consumer of 70% of the world's seaborne iron ore, is key to this
opportunity. A best of breed alliance of Chinese construction and equipment
groups and iron ore off-takers has been carefully assembled to provide funding
and delivery of projects and onward sale of iron ore.
IMIC's first infrastructure project is the major Simandou South iron ore
project in the Republic of Guinea, where there is an agreement with the
Guinean government to deliver a multi-purpose, multi-user infrastructure
solution which ultimately could become the backbone of the country's transport
IMIC also takes strategic stakes in junior miners with the intention of
benefiting from the uplift in value once an infrastructure solution is
initiated. IMIC 's first strategic investment was the purchase of a 3.9%
stake in Afferro Mining Inc, whose most advanced asset, Nkout, and its other
projects are located in Cameroon.
IMIC shares are traded on the London Stock Exchange's AIM market under the
ticker symbol IMIC.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCEAPEDASAAFFF -0- Oct/24/2012 06:00 GMT
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