TIDMIMIC

RNS Number : 2775D

Intl Mining & Infrast Corp PLC

27 January 2015

27 January 2015

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

("IMIC" or the "Company")

Issue of Equity

International Mining & Infrastructure Corporation plc (AIM: IMIC), the company focused on unlocking the value of African iron ore, announces that funds of US$0.5m have been received in respect of the further subscription for 3,184,713 ordinary shares of 0.2 pence each ("Ordinary Shares") at a price of 10 pence per Ordinary Share (the "Further Subscription") referred to in the announcement of 22 December 2014.

Under the terms of the Further Subscription, the participant will receive one warrant for every Ordinary Share subscribed (the "Warrants"). The Warrants are exercisable at any time up to 2 years following the first anniversary of the issue at a price of 10 pence per Ordinary Share.

In accordance with the terms of the relationship agreement with our strategic partner AIOG a further 318,471 Ordinary Shares in the Company will be issued and allotted to AIOG as a result of the Further Subscription.

Application will be made for the total of 3,503,184 Ordinary Shares to be admitted to trading on AIM, which is expected to occur on 2 February 2015 (the "Admission").

The Company hereby notifies the market that immediately following Admission the Company's issued share capital will consist of 196,349,850 Ordinary Shares. The Company does not hold any shares in treasury and therefore this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Related Party Transaction

AIOG is 90 per cent. beneficially owned by Mr. Ethelbert J L Cooper, the Company's Non-Executive Chairman, and, accordingly, the issue of 1,273,885 Ordinary Shares to AIOG pursuant to the Further Subscription and the subscription announced by the Company as announced on 22 December 2014, is deemed to be a related party transaction under the AIM Rules. The independent directors of the Company for this purpose (being all of the directors of IMIC except for Mr. Cooper), having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of this transaction are fair and reasonable insofar as the shareholders of IMIC are concerned.

For further information, please contact:

 
 International Mining and Infrastructure                 www.imicplc.com 
  Corporation plc 
 Ethelbert Cooper, Chairman 
  Haresh Kanabar, Chief Financial Officer           +44 (0) 20 7290 3340 
 Strand Hanson Limited - Financial & Nominated    www.strandhanson.co.uk 
  Adviser                                           +44 (0) 20 7409 3494 
  James Spinney / Ritchie Balmer / James 
  Bellman 
 Pareto Securities Limited - Sole Broker               www.paretosec.com 
  Guy Wilkes / Will Slack                           +44 (0) 20 7786 4370 
 Buchanan                                            www.buchanan.uk.com 
  Mark Court / Sophie Cowles                        +44 (0) 20 7466 5000

About IMIC

IMIC's strategy is, in conjunction with its partner AIOG, to develop fundable solutions to infrastructure provision for iron ore resources in West and Central Africa. In support IMIC will seek to acquire interests in junior iron ore miners which would benefit from a specific infrastructure solution. IMIC made its first investment with the Dec 2013 acquisition of Afferro Mining Inc, taking ownership of four iron ore deposits in Cameroon, the most advanced asset being Nkout. IMIC plans to continue to develop its assets, including accelerating the feasibility studies of the smaller Ntem deposit, which is located only 80km from Kribi deep water port.

IMIC's focus will initially be on iron ore opportunities in West and Central Africa. The demand for iron ore is currently being driven by China which consumes approximately 70 per cent. of the world's current annual production. As the urbanization of China continues demand for iron ore is expected to remain at significant levels through to 2030. The iron ore projects currently identified in West and Central Africa have the potential to produce at least 400 million tonnes of iron ore each year. This would establish Africa as a global player, alongside Australia and Brazil, in the iron ore industry.

In order to help deliver its infrastructure solutions, IMIC and AIOG have established strategic partnerships with various Chinese state owned companies. These companies are involved in railway and port construction, power, iron ore beneficiation and iron ore marketing. These relationships are intended to give IMIC and AIOG the ability to work with relevant governments and financial institutions to deliver infrastructure solutions and to guarantee the onward sale of iron ore in China.

IMIC shares are traded on the London Stock Exchange's AIM market under the ticker symbol IMIC.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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