Miner Afferro agrees to $190 mln offer from IMIC

Wed May 22, 2013 2:17am EDT
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LONDON May 22 (Reuters) - West Africa-focused miner Afferro has agreed to a $190 million cash-and-paper offer from investment group IMIC, it said on Wednesday.

Under the terms, IMIC will, for each Afferro share, offer 80 pence in cash and a 2-year convertible loan note with a principle value of 40 pence.

Afferro shares closed on Tuesday at 70.5 pence.

IMIC's bid promises to resolve the infrastructure problems that have held back Afferro's flagship asset, the Nkout iron ore project in Cameroon, through a separately secured partnership with a subsidiary of China Railway Group.