Convertible Bond Issue Raises US$5.0 million
International Mining & Infrastructure Corporation plc (AIM:
IMIC), the company focused on unlocking the value of African iron
ore, is pleased to announce that a Cameroonian investor, Caisse
Capital Limited, an investment vehicle controlled by Mr. Colin
Mukete, has invested US$5.0 million in the Company via a
convertible bond (the “Convertible Bond”). In addition,
the Company is pleased to announce that Mr Mukete will be appointed
to the Advisory Board of IMIC.
The Convertible Bond will be issued for a term of 36 months (the
“Term”) and carry interest at the rate of 4 per cent.
per annum above the three-month US Dollar LIBOR and will be paid
semi-annually. The Convertible Bond can be converted into ordinary
shares of 0.2 pence each in IMIC (the “Ordinary
Shares”) at the holders discretion at any time following the
six month anniversary of its issue and prior to the end of the Term
at a price equivalent to the lowest price at which the Company has
issued Ordinary Shares in the 12 months immediately preceding the
conversion. The Convertible Bond is convertible into Ordinary
Shares. The US$5.0 million due to the Company pursuant to the issue
of the Convertible Bond has been received in full.