/NOT FOR DISTRIBUTION IN THE UNITED
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TSX-V: AFF
AIM: AFF
LONDON, UK,
Nov. 25, 2013 /CNW/ - Afferro Mining
Inc. ("Afferro" or the "Company") and International Mining &
Infrastructure Corporation plc ("IMIC") are updating the market on
the Arrangement Agreement, details of which were announced on
24 June 2013, 18 July 2013, 13 September
2013 and 23 October 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 Board of Afferro (the "Board") advises that
the current outside date of 26 November
2013 for the completion of the Arrangement will not be met.
The Parties are in discussion to amend the Arrangement Agreement
for a new outside date, which is expected to be no later than
31 December 2013. The Board also
notes that IMIC announced to the market on 22 November 2013 its intention to mail its AIM
Re-admission Document this week and hold its general meeting to
approve the Arrangement in the week commencing 16 December 2013, which is consistent with the
expectation that the deal be concluded by the 31 December 2013 at the latest. A further
announcement will be made once the amendment to the Arrangement
Agreement has been signed.
In accordance with this timing 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 24 December 2013 and no later than 31 December 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.
Forward Looking Statements
This announcement includes certain
forward-looking statements. All statements, other than statements
of historical fact, included herein are forward-looking statements
that involve various known and unknown risks and uncertainties as
well as other factors. Such forward looking statements are subject
to a number of risks and uncertainties that may cause actual
results or events to differ materially from current expectations.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements.
Information about the risks and uncertainties of
the Company's business is provided in its disclosure materials,
including its Annual Information Form for the 12 months ended
31 December 2012, available under the
Company's profile on SEDAR at www.sedar.com. Although the Company
has attempted to identify important factors that could cause
actions, events or results to differ materially from those
described in forward looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended.
This news releases contains forward-looking
statements concerning the expected completion date of the
Arrangement. There can be no assurance that the Arrangement will
occur or that the anticipated strategic benefits and operational,
competitive and cost synergies will be realized. The Arrangement
remains conditional on approval by IMIC shareholders and the
satisfaction or waiver of the conditions to closing, including
receipt of all necessary regulatory approvals, and there can be no
assurance that any such approvals will be obtained in a timely
manner or at all and/or any such conditions will be met.
The Arrangement could be modified, restructured
or terminated. Readers are cautioned that the foregoing list of
factors is not exhaustive. Other risks and uncertainties not
presently known to Afferro or that Afferro presently believes are
not material could also cause actual results or events to differ
materially from those expressed in the forward-looking statements
contained herein.
There can be no assurance that forward looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. The forward-looking information
contained herein, speaks only as of the date hereof (unless stated
otherwise) and, except as may be required by applicable law,
Afferro disclaims any obligation to update or modify such
forward-looking statements, either as a result of new information,
future events or for any other reason.
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 which are supported by the
technical report titled "Mineral Resource Estimate and Preliminary
Economic Assessment for the Nkout Iron Project, Community of Djoum,
Cameroon May 2013" with the effective date May 28, 2013 . 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 which are supported by the
technical report titled "Mineral Resource Estimate for the Ntem
(Fe08) Iron Ore Project, South Province, Cameroon May
2013, with the effective date 3 May
2013.
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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Afferro Mining Inc.