20/10/2005 International Ferro Metals Limited
International Ferro Metals Limited (‘IFM’) opens the London markets
20 October 2005
IFM is an Australian incorporated mining development company established in 2002 to acquire, control and expand the chromite mining and processing operations of the Buffelsfontein mine in the North West Province of South Africa.
Following the successful placing of 228,571,429 new Ordinary Shares at 35 pence each, the company has raised £80 million in gross proceeds from the placing, giving a marketing capitalisation on admission of £143.6 million at the Placing price.
IFM intends to use the proceeds from the placing to construct and bring into production an integrated chromite mine and processing facility to produce ferrochrome.
Stephen Turner, Managing Director commented: “We are delighted to be quoting International Ferro Metals on the AIM market. London is now regarded as the mining capital of the world and I believe the company will have an exciting future. The demand for ferrochrome is set to grow particularly from countries such as China and India where the economies are experiencing double digit growth.”
Grant Thornton is acting as the Nominated Adviser to the Company. Numis Securities is acting as brokers and joint financial adviser.