British mineral exploration and development company Afferro Mining Inc. has confirmed that it has received an initial approach from UK-headquartered International Mining and Infrastructure Corporation (IMIC).
According to Afferro Mining's statement, IMIC is prepared to make an offer for the entire issued and to be issued share capital of Afferro at between 115 and 140 pence per Afferro share. Last week, media reports suggested that the company received a takeover offer of £140 million.
Afferro Mining stated that the IMIC offer is at a very early stage and there is no certainty that a formal offer will be made. In addition, Afferro continues to have discussions with other interested parties regarding a possible offer for the issued and to be issued share capital of Afferro.