International Metal Enterprises, Inc.

Charts

News

No News Available in the last month for IML

International Metal Enterprises, Inc., a Special Purpose Acquisition Corporation
('SPAC') which plans to make investments in the global metals and mining
industry, today announces the commencement of dealings of its Common Stock and Warrants on the AIM Market ('AIM') of the London Stock Exchange. Collins
Stewart is acting as both Nominated Adviser and Broker to the Company and in the US the Lead Manager is Sunrise Securities Corporation. The stock market EPIC for the Common Stock and Warrants are IML.L and IMLW.L respectively.


Placing Statistics

Price of a Unit US$6.00

Total number of Units subject to the Placing 33,500,000

Number of shares of Stock included in Units subject to the Placing 33,500,000

Number of Warrants included in Units subject to the Placing 67,000,000

Percentage of Enlarged Share Capital attributable to the Placing 81%

Directors' interests in the share capital of the Company immediately following Admission and Placing
Stock: 8,476,025
Warrants: 1,236,000

Estimated gross proceeds of the Placing US$201,000,000

Estimated net proceeds of the Placing which will be received by the Trust US$184,250,000

The Stock will rank in full for all dividends or other distributions hereafter
declared, made or paid on the common stock of the Company and will rank pari
passu in all respects with all other shares of Stock which will be in issue on
the date of the Placing.


Current trading and prospects

The Company has not carried on any trading business prior to the date of this
announcement.


Admission, Settlement and Dealings

Application has been made to the London Stock Exchange plc for all of the Stock
and Warrants to be admitted to trading on AIM in US dollars. It is expected
that Admission will become effective and that dealings will commence in the
Stock and Warrants today. Although the Company has placed the Stock and Warrants in Units, these Units were only sold for the purposes of the initial Placing and will not be traded on AIM.

Please note that due to US Securities Laws the Stock and Warrants will be
subject to various transfer restrictions and trade only in certificated form for
an indefinite period of time.


Investing Strategy

The Company proposes to invest in the metals and mining industries.
Specifically, target companies considered for acquisition will be companies
whose business is involved in: mining ore; smelting and rolling; foundry,
distribution and fabrication; or otherwise substantially involved in the metals
and mining industries. The initial business combination must be with a target
business or businesses whose combined fair market value at the time of such acquisition is at least equal to 80% of the initial amount placed in the Trust. For the avoidance of doubt, the Company is not required to finance its entire acquisition with the proceeds held in the Trust and may finance a portion of its acquisition through debt. While the geographical areas that will be explored for the potential acquisition target(s) are most likely to be in North America and Europe, this will not preclude the Company from evaluating businesses and exploring acquisitions in other areas of the world.

The Company intends to acquire either the entirety or a majority of its
acquisition target. It will be an active investor and will seek, to the extent
permitted by all applicable laws, to control and operate the acquired company.
Investments will not be spread widely, as it is a term of the Trust that no
money can be released unless the acquisition specified has a value of 80% or
more of the initial amount of funds held in the Trust. Accordingly, it is
possible that the Company will effect only one acquisition although it is also
possible that it will effect more.


The Company's current directors and executive officers are as follows:

Alan Kestenbaum, Chief Executive Officer and Director (aged 43) has been the
Company's chief executive officer and a member of the Board since the Company's
inception. He has over 20 years' experience in metals finance, distribution,
trading and manufacturing. Mr. Kestenbaum is a founder and the current chief
executive officer of Marco International Corp., and its affiliates, which is an
international finance and trading company specialising in metals, minerals and
raw materials, since 1985.

Theodore A. Heilman, Jr., President and Director (aged 47) has been the
Company's president and a member of the Board since the Company's inception. He has over 25 years' management and financial experience in international business and commodities.

Michael D. Barenholtz, Secretary and Director (aged 46) has been the Company's
secretary and a member of the Board since the Company's inception. He has over
25 years' experience in metals and minerals trading, distribution and
manufacturing.