Mining & Infra : 28 - Approval of Bond Restructuring Proposals

28 April 2015 INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

('IMIC' or the 'Company')

Approval of Bond Restructuring Proposals International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, is pleased to announce that the holders of its US$30 million

8.75 per cent. bond due to mature in 2016 ('2016 Bondholders') (the '2016 Bond') have accepted the proposed modifications to certain terms and conditions constituting the 2016 Bond (the 'Proposals'),
as outlined in the announcement dated 21 April 2015.
The extraordinary resolution in respect of the Proposals required a majority of not less than 75 per cent. of the votes cast to be passed. Accordingly, the Company is pleased that the votes cast in favour of the Proposals exceeded the 75 per cent. threshold required under the 2016 Bond instrument and therefore the restructuring has been approved.
In light of the fact that the requisite 75 per cent. of votes received were in favour of the Proposals, the closing date has been brought forward to 27 April 2015 and the proposed changes, as summarised below, will be implemented with immediate effect:

 To amend the final redemption date of the 2016 Bond by extending it by 5 years from 30 October

2016 to 30 October 2021;

 To amend the Interest rate by decreasing the coupon payable on the 2016 Bond by 3.75 per cent., from 8.75 per cent. to 5 per cent.;

 To increase the repayment amount to be paid at final maturity to compensate for the reduction in interest rate, to 132.059 per cent. of the nominal amount of the 2016 Bond;

 By inserting a new accelerated repayment covenant which will oblige IMIC to make immediate repayment to the 2016 Bondholders if Ethelbert Cooper is removed from the office of director and Non-Executive Chairman of IMIC plc, by a shareholder resolution; and

 To amend the conditions relating to the interest payable date by making the payment of the interest from semi-annual to annual.

The costs of the restructuring exercise detailed above amount to approximately US$500,000

Ethelbert Cooper, IMIC's Chairman, commented:

'We are delighted with the positive decision from the 2016 Bondholders who voted unanimously in favour of the proposed amendments. As the votes have now been obtained, completion of the restructuring process is expected to become effective immediately. The restructuring of the Bond will make the Company's debt commitments manageable and contribute to rebalancing of the Group's financing obligations.'

For further information, please contact:

International Mining & Infrastructure Corporation plc	www.imicplc.com
Ethelbert Cooper, Chairman Haresh Kanabar, Chief Financial Officer	[phone]
Strand Hanson Limited - Financial & Nominated Adviser James Spinney / Ritchie Balmer / James Bellman	www.strandhanson.co.uk [phone]
Pareto Securities Limited - Sole Broker Guy Wilkes / Will Slack	www.paretosec.com [phone]

Deutsche Bank AG - Paying Agent Paul Yetton	www.db.com [phone]
Buchanan - Financial PR Mark Court / Sophie Cowles	www.buchanan.uk.com [phone]

About IMIC

IMIC's strategy is, in conjunction with its partner AIOG, working to develop fundable solutions to infrastructure provision for iron ore resources in West and Central Africa. In support IMIC will seek to acquire interests in iron ore projects that would benefit from a specific infrastructure solution. IMIC made its first investment with the Dec 2013 acquisition of Afferro Mining Inc, taking ownership of four iron ore deposits in Cameroon, the most advanced asset being Nkout. IMIC plans to continue to develop its assets, including accelerating the feasibility studies of the smaller Ntem deposit, which is located only
80km from Kribi deep water port.
IMIC's focus will initially be on iron ore opportunities in West and Central Africa. The demand for iron ore is currently being driven by China which consumes approximately 70 per cent. of the world's current annual production. As the urbanization of China continues demand for iron ore is expected to remain at significant levels through to 2030. The iron ore projects currently identified in West and Central Africa have the potential to produce at least 400 million tonnes of iron ore each year. This would establish Africa as a global player, alongside Australia and Brazil, in the iron ore industry.
In order to help deliver its infrastructure solutions, IMIC and AIOG have established strategic partnerships with various Chinese state owned companies. These companies are involved in railway and port construction, power, iron ore beneficiation and iron ore marketing. These relationships are intended to give IMIC and AIOG the ability to work with relevant governments and financial institutions to deliver infrastructure solutions and to guarantee the onward sale of iron ore in China and other emerging world markets.
IMIC shares are traded on the London Stock Exchange's AIM market under the ticker symbol IMIC.