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Afferro shareholders approve proposed IMIC acquisition

17th September 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Shareholders and optionholders of dual-listed Afferro Mining on Monday voted in favour of the proposed 100% acquisition of the company by investment group International Mining & Infrastructure Corporation (IMIC).

The agreement, which is expected to be complete by October 31, remains subject to IMIC shareholder approval, Canadian court approval and the satisfaction or waiver of the conditions to closing.

Mining Weekly Online reported in June that the deal, if approved, would see IMIC acquiring the TSX-V and Aim-listed junior at 120p a share, comprising 80p in cash and a listed two-year unsecured convertible loan note with a value of 40p and a simple yearly interest of 8%.

The acquisition valued the fully diluted share capital of Afferro at about $200-million.

Afferro chairperson David Netherway said he was pleased that the shareholders had voted to consider the IMIC acquisition and looked forward to the completion of the transaction in October.

“The acquisition provides the opportunity to further progress Afferro's flagship Nkout project and unlock value through IMIC's ability to continue to de-risk the project and provide an infrastructure solution,” he commented.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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