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International Mining & Infrastructure Corporation plc ("IMIC") and Afferro Mining Inc ("Afferro" or "the Company") - Recommended Agreement for IMIC to acquire Afferro
/THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DIST...
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n/THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR\n PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR\n INTO THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA\n OR NEW ZEALAND OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR\n DISTRIBUTION WOULD BE UNLAWFUL/\n\n\nTSX-V: AFFAIM: AFF \n\nLONDON, UK, June 24, 2013 /CNW/ -\n\n\nHighlights:\n\n\nDefinitive Arrangement Agreement signed between IMIC and Afferro for the\n proposed acquisition, on a recommended basis, by IMIC of 100% of the\n issued and to be issued share capital of Afferro pursuant to a Canadian\n court-approved plan of arrangement\n\nAcquisition price per Afferro share of 120p per share comprising:\n\n\n80p in cash (the \"Cash Consideration\"); plus\n\n\na listed 2-year unsecured convertible loan note with par value of 40p\n and carrying simple annual interest of 8% (the \"Loan Note\")\n\n\nThe acquisition values the fully diluted share capital of Afferro at\n approximately US$200 million\n\nThe acquisition, based on par value of the Loan Note, represents a\n premium of 104% to the 10-day volume weighted average trading price\n (\"VWAP\") of Afferro shares for trading days ended 16 April 2013, being\n the date prior to IMIC's announcement of its initial proposed offer for\n the Company\n\nThe acquisition brings together Afferro's assets with IMIC's access to\n an infrastructure solution and access to enhanced financing capability\n to seek to unlock the latent value in Afferro's key Nkout Project\n\nThe acquisition is subject, amongst other things, to Afferro and IMIC\n shareholder approval and other customary conditions \n\n\n\n\n\nDavid Netherway, Chairman of Afferro, commented: \"We are pleased to have reached this point with IMIC. We\n believe that the deal offers our shareholders a unique opportunity to\n realise value, particularly in light of broader market conditions. The\n acquisition has been structured to provide a significant cash element,\n and also a deferred element as IMIC makes progress to provide a robust\n infrastructure solution for our flagship Nkout Project.\"\n\n\nHaresh Kanabar, Chairman of IMIC, commented: \"I am delighted that Afferro's Board has acknowledged the\n rationale and attractiveness of our offer by recommending it to Afferro\n shareholders. The combination of IMI...