MRI to acquire 39.2% share in metallic iron producer
JOHANNESBURG (miningweekly.com) – Building on its strategy to provide “innovative” mine rehabilitation and restoration solutions, JSE-listed Mine Restoration Investments (MRI) has announced its intention to acquire up to 39.2% in metallic iron producer Iron Mineral Beneficiation Services (IMBS) for R224.48-million.
In terms of a memorandum of agreement concluded this week, MRI would acquire certain ordinary shares in IMBS, constituting 25.8% of the issued share capital and certain shareholder loan claims against it.
Immediately following the sale, all IMBS shareholders, including MRI, would convert their shareholder loan claims into additional IMBS shares and, as such, MRI would acquire a further 3% interest in IMBS.
MRI would, thereafter, further acquire up to 10.4% in IMBS, pursuant to an underwritten rights offer to be conducted by IMBS.
To partly fund the acquisition, MRI would raise up to R200-million through an issue of new MRI shares at 7c apiece.
MRI said in a statement that the acquisition represented an “attractive strategic acquisition opportunity” with “compelling” synergies with MRI's existing coal fines business and the opportunity to benefit from MRI's expertise in the processing of minerals and commercialisation of projects.
“The deal will, accordingly, not only strengthen MRI’s position within the mine rehabilitation and minerals processing markets, but will also allow for a more diversified service and product offering,” it held.
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