The Kalukundi copper/cobalt project is located in the Katanga province in the Democratic Republic of Congo (DRC).
The company said on Friday that the IFC would subscribe for units of Africo totaling some C$4-million, at a price of around C$2,78 a unit.
Each unit would comprise one share and one warrant. Each warrant would entitle the IFC to acquire an additional share at a price of 125% of the subscription price for a period of five years, subject to accelerated exercise or expiry options under certain circumstances.
The IFC has also agreed to participate in the company's planned debt financing arrangements for the project through a loan of about $40-million, subject to an assessment of the project's debt financing risks, Africo added.
"The decision of the IFC to proceed with the private placement, is an indication of progress the government of the DRC is making to improve the investment climate in the mining sector of the DRC," said president and CEO Tony Harwood.