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Afferro to delist from TSX-V, Aim

1st October 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Following its acquisition by investment group International Mining & Infrastructure Corporation (IMIC), junior iron-ore miner Afferro Mining will, following full completion of the agreement, delist from the Aim and TSX-V.

The acquisition, which remains pursuant to a Canadian court approved plan of arrangement, IMIC shareholder approval, final court approval and the satisfaction or waiver of the conditions to closing, is expected to be complete by October 31, after which cancellation of Afferro’s share trading will occur.

This follows approval of the acquisition last month by Afferro shareholders and optionholders.

The deal will see IMIC acquiring the 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 yearly interest of 8%.

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

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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