JOHANNESBURG (miningweekly.com) – Aim-listed iron-ore miner International Mining & Infrastructure Corporation (IMIC) has received a $5-million capital injection by Cameroon-based investment vehicle Caisse Capital, through a convertible bond.
Caisse was controlled by Cameroonian businessperson and MTN Cameroon chairperson Colin Mukete, who had broad business interests in telecommunications, broadcasting, agribusinesses, property development, construction and asset management.
Mukete had also been appointed to IMIC’s advisory board.
“This investment by Caisse Capital demonstrates a significant show of support in the strategy pursued by IMIC to unlock the value opportunities in the extensive South Cameroon–North Congo–Gabon iron-ore-rich corridor and where the Cameroon emerging mining infrastructure corridor is already coming to fruition via the Kribi deep-water seaport,” the group outlined in a statement.
Mukete added that Cameroon was endowed with considerable untapped mineral resources, notably iron-ore and bauxite, and the country’s position as a strategic emerging mining, logistics and industrial hub was consistent with the vision of IMIC's leadership to unlock the commercial value of iron-ore through cost-effective infrastructure solutions.
“I am pleased to join the IMIC advisory board through our investment and will work diligently with the leadership in creating a local and regional champion that can deliver robust investor returns with unprecedented socioeconomic benefits,” he commented.
IMIC chairperson Ethelbert Cooper added that Mukete’s active involvement in IMIC was a major endorsement of the company’s strategy to unlock the potential of Cameroon's iron-ore assets.
“I very much look forward to Mukete's contribution to our advisory board, where his combination of local knowledge and broad business experience will be of immense value,” he said.
The group said on Tuesday that the convertible bond would be issued for a 36-month term and carry interest at the rate of 4% a year above the three-month dollar London Interbank Offered rate, paid semi-yearly.
The bond could also be converted into ordinary shares of 0.2p each in IMIC at the holder’s 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.