Markets

Afferro Mining Confirms Approach From IMIC, Says "Under Exclusivity Obligations With One Other Party"

Further to the press speculation on 30 December 2012, the board of Afferro Mining Inc. (AFF.V) confirmed that it has received an initial approach from International Mining and Infrastructure Corporation Plc. IMIC would be prepared to make an offer, subject to completion of satisfactory due diligence and certain other conditions, for the entire issued and to be issued share capital of Afferro at between 115 and 140 pence per Afferro share. The consideration is to be satisfied by an undisclosed mix of cash, yet to be raised by IMIC, and new IMIC shares.

It said: "The approach from IMIC is at a very early stage and there can be no certainty that a formal offer will be forthcoming. In addition, Afferro continues to have discussions with other interested parties regarding a possible offer for the issued and to be issued share capital of Afferro.

"Afferro is currently under exclusivity obligations with one other party which preclude Afferro from engaging in discussions with IMIC until January 13, 2013.

"Afferro wishes to stress that there is no certainty that the approach by IMIC or the other discussions will lead to an offer being made to the company. Shareholders are not presently advised or required to take any action. Afferro does not intend commenting further on the approach or other discussions unless a definitive agreement is reached or unless otherwise required by law or applicable regulation."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More