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LONDON, UK,
Oct. 23, 2013 /CNW/ - Afferro Mining
Inc. ("Afferro" or the "Company") and International Mining &
Infrastructure Corporation plc ("IMIC") have agreed to amend the
Arrangement Agreement details of which were announced on
24 June 2013, 18 July 2013 and 13
September 2013, pursuant to which IMIC, through its wholly
owned subsidiary, Afferro Holdings Ltd., will acquire all of the
issued and to be issued common share capital of the Company (the
"Arrangement").
The amendments provide for the extension of the
outside date to 26 November 2013. In
addition to the approval of the shareholders of IMIC, the
Arrangement remains subject to, inter alia, the satisfaction
or waiver of the conditions to closing. It is expected that the
Arrangement will complete prior to 26
November 2013.
Afferro has applied for the cancellation of its
shares from admission to the AIM Market of the London Stock
Exchange ("Cancellation"). Following completion of the Arrangement,
the Company's shares will also be de-listed from the TSX-V. The
Cancellation is currently expected to take place at 07:00 (GMT) on
a date no earlier than 21 November
2013 and no later than 26 November
2013. These dates are subject to change and confirmation on
the final timetable for the Arrangement. Following completion of
the Arrangement and the Cancellation, Afferro's shareholders will
cease to hold shares in the Company and accordingly no dealings in
Afferro's shares will be able to be effected.
About Afferro
Afferro is an established exploration and development company
listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio
includes the 100% owned Nkout, Ntem and Akonolinga iron ore
projects. It also holds a 70% interest in the Ngoa project, an
exploration target bordering Nkout. All projects are subject to
government rights. Nkout has an Indicated Mineral Resource Estimate
of 1.6Bt at 33.3% Fe and an Inferred Mineral Resource Estimate of
0.9Bt at 30.8% Fe. Ntem has an Indicated Mineral Resource Estimate
of 39.1Mt at 34.0% Fe and an Inferred Mineral Resource Estimate of
76.4Mt at 34.2% Fe.
About IMIC
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.
China, as
consumer of 70% of the world's seaborne iron ore, is key to this
opportunity. A best in 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.
AIOG's major infrastructure project, in
partnership with IMIC, is the 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 network.
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 shares are traded on the London Stock
Exchange's AIM market under the ticker symbol IMIC.
SOURCE Afferro Mining Inc.