24 Mar

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.

Full announcement...