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Afferro Announces Completion of Plan of Arrangement with International Mining & Infrastructure Corporation plc
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES....
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US\n NEWS WIRE SERVICES./\n\n\nTSX-V: AFF\nAIM: AFF\n\n\nLONDON, UK, Dec. 19, 2013 /CNW/ - Afferro Mining Inc. (\"Afferro\", or the\n \"Company\", TSX-V: AFF, AIM: AFF) is pleased to announce the completion\n of the acquisition of Afferro by International Mining & Infrastructure\n Corporation plc (\"IMIC\") by the way of a court approved plan of\n arrangement (\"Arrangement\"). Under the terms of the Arrangement, IMIC,\n through its wholly owned subsidiary, Afferro Holdings Ltd., acquired\n all of the issued common shares in the capital of the Company (\"Afferro\n Shares\").  As noted in Afferro's management information circular dated\n August 15, 2013, shareholders and holders of depositary interests will\n receive consideration of £1.20 per Afferro Share (or Cdn.$2.09 based on\n the December 18, 2013 Bank of Canada noon exchange rate of £1.0 equals\n Cdn.$1.7444) , which will be satisfied by £0.80 in cash plus a 2-year\n unsecured convertible note issued by IMIC with principal amount of\n £0.40, carrying simple annual interest of 8% payable at maturity. IMIC\n purchased all of the Afferro options (\"Afferro Options\") for cash for (i) in respect of each Afferro Option that is \"in the\n money\" on the effective date of the Arrangement, an amount equal to the\n difference between: (A) £1.20; and (B) the exercise price of such\n Afferro Option (the exercise price of such Afferro Option being\n converted from Canadian dollars if necessary on the basis of the Bank\n of Canada noon exchange rate three business days prior to the effective\n date); and (ii) in respect of each Afferro Option that is \"out of the\n money\" on the effective date, nil.\n\n\nPrior to the closing of the Arrangement, IMIC and its subsidiaries owned\n 20,997,342 Afferro Shares or 19.9% of the outstanding Afferro Shares.\n At the effective time of the Arrangement, IMIC became the owner of\n 105,153,636 Afferro Shares, or 100% of the outstanding Afferro Shares\n\n\nIt is expected that admission to trading of the Afferro Shares on AIM\n will be cancelled with effect from 7.00 a.m. on 20 December 2013.\n\n\nIt is expected that the Afferro Shares will be delisted from the TSX\n Venture Exchange in due course.\n\n\nFor more information regarding the...