22 Dec

Short Term Loan and Subscription for Ordinary Shares

International Mining & Infrastructure Corporation plc (AIM: IMIC), the company focused on unlocking the value of African iron ore, announces that it has today entered into a short term loan agreement with African Iron Ore Group ltd (“AIOG”), pursuant to which AIOG will loan IMIC US$5.8 million (the “Loan”). Further, the Company has raised £1.27million (approximately US$2.0 million) via a subscription for 12,738,854 ordinary shares of 0.2 pence each in IMIC (the “Ordinary Shares”) at a price of 10 pence per Ordinary Share (the “Subscription”).

The Loan The Loan, which is unsecured, is repayable on or before 30 June 2015 and bears interest at the rate of 5 per cent. per annum. No fees are payable by the Company in respect of the Loan.  

The Subscription The Subscription is with a new shareholder of the Company and under the terms of the Subscription agreement, US$1.5 million is payable to the Company immediately (the “Initial Subscription”) and the balance of US$0.5 million is payable on or before 25 January 2015 (the “Further Subscription”). 

Full announcement...