Jul. 22, 2011 (Canada NewsWire Group) --
/THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL/
TSX-V: AFF
AIM: AFF
LONDON, UK, July 22, 2011 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V / AIM (AFF) listed exploration and development company with iron ore projects in Cameroon and Liberia, is pleased to announce that, further to the Company's news release dated 19 July 2011, the Company has received TSX Venture Exchange ("TSX-V") conditional approval for and, upon the admission of such shares to trading on AIM today ("Admission"), has closed its placing of 17,261,452 common shares in the capital of the Company ("Common Shares") (the "Placing") and subscription of 57,445 Common Shares, all at 90 pence per share. The Placing raised aggregate gross proceeds of approximately £15.5 million (approximately US$24.9 million and approximately £14.9 million or US$23.9 million net of expenses).
Following admission of the new Common Shares, the total issued share capital of the Company is 103,655,420 Common Shares, all of which have voting rights.
The above figure (103,655,420) 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.
In consideration for their respective services as Joint Bookrunner, Joint Bookrunner and Co-Lead Manager in connection with the Placing, the Company has agreed to pay Evolution Securities Limited, RBC Capital Markets and GMP Securities Europe LLP an aggregate cash commission of approximately £0.7 million.
The shares issued in the Placing are subject to a hold period in Canada and may not be traded in Canada until 23 November 2011, except as permitted by applicable Canadian securities laws and the policies of the TSX-V.
Restricted Jurisdiction
The new Common Shares have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "Securities
Act"), and, may not be offered, sold or delivered, directly or
indirectly, in the United States or to or for the account or benefit of
any U.S. person unless the securities are registered under the
Securities Act or an exemption from the registration requirements of
the Securities Act is available.
About Afferro Mining Inc.
Afferro is an established exploration and development company listed on
the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the Nkout
iron ore project (the "Nkout Project"), and surrounding iron targets in
Cameroon and which is subject to a resource expansion drilling
programme. Afferro also has a 38.5% interest in the Putu iron ore
project in Liberia (the "Putu Project"), which is subject to a resource
expansion drilling programme and is moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of London and Moscow listed OAO Severstal). In September 2010,
the Putu Project was granted a 25 year renewable Mineral Development
Agreement by the Government of Liberia.
IMPORTANT NOTICE
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Banks or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or their advisers, apart from the responsibilities and liabilities (if any) imposed on any of the Banks by the Financial Services and Markets Act 2000, and any liability therefore is expressly disclaimed.
Evolution is acting as Joint Bookrunner in connection with the Placing. Evolution, which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to the clients of Evolution nor for providing advice in relation to the Placing or any other matter referred to herein.
Royal Bank of Canada Europe Limited, trading as RBC Capital Markets, is acting as Joint Bookrunner in connection with the Placing. RBC, which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to the clients of RBC nor for providing advice in relation to the Placing or any other matter referred to herein.
GMP is acting as Co-Lead Manager in connection with the Placing. GMP, which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to the clients of GMP nor for providing advice in relation to the Placing or any other matter referred to herein.
The distribution of this Announcement and the Placing of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or the Banks that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and the Banks to inform themselves about, and to observe, such restrictions.
The information in this Announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of any prospectus or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
No public offer of securities of the Company is being made in the United Kingdom, the United States, Canada or elsewhere. The information in this Announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") nor the security laws of any state or other jurisdiction of the United States. The securities mentioned herein may not be offered or sold in the United States except pursuant to Regulation S under the Securities Act or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Afferro Mining Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Nominated Adviser: Jeremy Ellis / Neil Elliot
Corporate Broker: Tim Redfern / Jonathan Wynn
Tel: +44 (0) 20 7071 4300
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes / Jonathan Hardy
Tel: +44 (0) 20 7653 4000
GMP Securities Europe LLP
Alexandra Carse / Richard Greenfield
Tel: +44 (0) 207 647 2800
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232