IMIC Intl Min&IN Crp

TIDMIMIC

RNS Number : 5888B

Intl Mining & Infrast Corp PLC

08 January 2015

8 January 2015

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

("IMIC" or the "Company")

Conversion of Short Term Loan

International Mining & Infrastructure Corporation plc(AIM: IMIC), the company focused on unlocking the value of African iron ore, announces that African Iron Ore Group Ltd. ("AIOG"), a strategic partner and an existing shareholder in the Company, has elected to convert US$3,000,000 of the US$5,800,000 short term loan to the Company which is repayable on or before 30 June 2015, as announced on 22 December 2014 (the "Loan"), into 19,736,842 new ordinary shares of 0.2 pence each in IMIC (the "Ordinary Shares") at the conversion price of 10 pence per Ordinary Share (the "Conversion").

Under the terms of the Conversion, AIOG will receive one warrant to subscribe for Ordinary Shares for every Ordinary Share received pursuant to Conversion (the "Warrants"). The Warrants are exercisable at any time up to two years following the first anniversary of their issue at a price of 10 pence per Ordinary Share. If all of the Warrants issued pursuant to the Conversion were to be exercised, the gross total proceeds arising would represent GBP1,973,684 (approximately US$3,000,000).

Application will be made for the total of 19,736,842 Ordinary Shares (the "Conversion Shares") to be admitted to trading on AIM, which is expected to occur on 13 January 2014.

Following Admission of the Conversion Shares, the Company's issued share capital will consist of 192,846,666 Ordinary Shares. The Company does not hold any shares in treasury and therefore this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Following the Conversion, Mr. Ethelbert J L Cooper, the Company's Non-Executive Chairman, will be beneficially interested in 34,012,756 Ordinary Shares representing 17.64 per cent. of the Company's issued share capital following issue of the Conversion Shares (the "Enlarged Share Capital"). Mr. Cooper's beneficial interest in the Company derives from his 90 per cent. beneficial interest in AIOG, which will itself hold 37,791,952 Ordinary Shares representing 19.60 per cent. of the Enlarged Share Capital.

Related Party Transaction

AIOG is 90 per cent. beneficially owned by Mr. Ethelbert J L Cooper, the Company's Non-Executive Chairman, and, accordingly, the Conversion is deemed to be a related party transaction under the AIM Rules. The independent directors of the Company for this purpose (being all of the directors of IMIC except for Mr. Cooper), having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of this transaction are fair and reasonable insofar as the shareholders of IMIC are concerned.

For further information, please contact:

 
 International Mining and Infrastructure           www.imicplc.com 
  Corporation plc 
 Ethelbert Cooper, Chairman 
  Haresh Kanabar, Chief Financial                  +44 (0) 20 7290 
  Officer                                                     3340 
 Strand Hanson Limited - Financial          www.strandhanson.co.uk 
  & Nominated Adviser                              +44 (0) 20 7409 
  James Spinney / Ritchie Balmer                              3494 
  / James Bellman 
 Pareto Securities Limited - Sole                www.paretosec.com 
  Broker                                           +44 (0) 20 7786 
  Guy Wilkes / Will Slack                                     4370 
 Buchanan                                      www.buchanan.uk.com 
  Mark Court / Sophie Cowles                       +44 (0) 20 7466 
                                                              5000 
 

About IMIC

IMIC's strategy is, in conjunction with its partner AIOG, to develop fundable solutions to infrastructure provision for iron ore resources in West and Central Africa. In support IMIC will seek to acquire interests in junior iron ore miners which would benefit from a specific infrastructure solution. IMIC made its first investment with the Dec 2013 acquisition of Afferro Mining Inc, taking ownership of four iron ore deposits in Cameroon, the most advanced asset being Nkout. IMIC plans to continue to develop its assets, including accelerating the feasibility studies of the smaller Ntem deposit, which is located only 80km from Kribi deep water port.

IMIC's focus will initially be on iron ore opportunities in West and Central Africa. The demand for iron ore is currently being driven by China which consumes approximately 70 per cent. of the world's current annual production. As the urbanization of China continues demand for iron ore is expected to remain at significant levels through to 2030. The iron ore projects currently identified in West and Central Africa have the potential to produce at least 400 million tonnes of iron ore each year. This would establish Africa as a global player, alongside Australia and Brazil, in the iron ore industry.

In order to help deliver its infrastructure solutions, IMIC and AIOG have established strategic partnerships with various Chinese state owned companies. These companies are involved in railway and port construction, power, iron ore beneficiation and iron ore marketing. These relationships are intended to give IMIC and AIOG the ability to work with relevant governments and financial institutions to deliver infrastructure solutions and to guarantee the onward sale of iron ore in China.

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

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