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Canadian court approves IMIC’s acquisition of Afferro

10th October 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – The British Columbia Supreme Court has approved the proposed acquisition of dual-listed Afferro Mining by investment group, the International Mining & Infrastructure Corporation (IMIC).

The deal, which was expected to be complete by October 31, now remained conditional on approval by IMIC shareholders and the satisfaction or waiver of the conditions to closing, including receipt of all necessary regulatory approvals.

The court approval followed last month’s approval of the acquisition 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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