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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intl. Cons. Min | LSE:ICMI | London | Ordinary Share | KYG4839H1386 | ORD USD0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMICMI RNS Number : 1502P International Consolidated Min. Inc 19 March 2009 19 March 2009 Further to the update announcement released at 17:52 on 17 March 2009 under RNS number 0161P, a correction has been made to the figure disclosed for secured liabilities to reduce it from $40.2 million to $26.4 million. All other details remain unchanged. A full copy of the corrected announcement is set out below. INTERNATIONAL CONSOLIDATED MINERALS INC. ("ICMI" or the "Company") Update re Operational Review & Financial Position and Directorate Changes International Consolidated Minerals Inc. (AIM & BVL: ICMI), the South American focused mineral exploration and development company, announces that it has recently conducted a review of its planned operations and financing requirements in the context of the continuing adverse and uncertain global macro-economic environment and generally weak commodity prices. As a result of this review process and in order to preserve the Company's limited cash resources, production at ICMI's Pachapaqui Mine project has been suspended and the mine placed on a care and maintenance basis until further notice as part of a wider cost reduction programme throughout the group. The Company will continue with only limited activities in order to comply with its concession obligations. As stated in the interim results announcement of 30 September 2008, the directors have been exploring a number of opportunities for raising additional financing to fund the Company's operations and growth, including searching for a suitable long term strategic partner to bring in, or assist in bringing in, the necessary financial and technical resources. On 10 November 2008, the Company announced the commitment of a $6 million tranche of up to a proposed $15 million debt facility, in the form of secured loan notes (the "Notes") due in November 2009. To date, the balance of $9 million remains uncommitted. The net proceeds of the initial $6 million Note issue have in part been utilised for upgrading the production capacity of the Pachapaqui Mine from 300 tonnes per day ("tpd") to 500 tpd with the remainder being applied for general working capital purposes. As a result of the ongoing cost reduction measures, the Board believes that the Company currently has sufficient cash resources to satisfy its ongoing working capital requirements for at least the next three (3) months whilst additional financing is sought. The Company has 3,563,720 'FOR AND REDEEM' shares in issue which are subject to deferred redemption rights and are entitled to a coupon of 10 per cent. per annum and a redemption value of US$8.00 each due as of 13 March 2009. On 10 November 2008, the Company announced that holders of 2,063,528 of these shares had agreed to extend the redemption date from 13 March 2009 to 7 November 2009, on the basis they receive an increased coupon of 32 per cent. per annum on the value of the shares for the period of the extension i.e. from 14 March 2009 to 7 November 2009 or, if earlier, redemption (the "Extended Shares"). The Notes and the Extended Shares are secured over all of the assets of the Company. Accordingly, the group currently has, in aggregate, secured liabilities of approximately $26.4 million inclusive of both accrued interest and the $1.2m put liability in respect of the warrants attached to the Notes in issue. The Company is currently in negotiations with the holders of the remaining 1,500,192 'FOR AND REDEEM' shares to extend and / or restructure. In the meantime, interest continues to accrue on their aggregate redemption value at a rate of 10 per cent. per annum. The holders of these shares are now entitled to serve notice of redemption on the Company. If the Company fails to redeem any shares which are the subject of a redemption notice, the overdue redemption amount and accrued interest thereon will rank as an unsecured creditor of the Company. Accordingly, the group currently has, in aggregate, unsecured liabilities of approximately $18.1 million inclusive of accrued interest and trade / other creditors. The directors are currently pursuing and evaluating a number of short, medium and longer term debt and/or equity funding solutions for the Company in order to strengthen its financial position and secure its future survival. In this regard, discussions are ongoing with several potential industry partners and third party finance providers. In addition, the Board is engaged in active discussions with the aforementioned holders of the Notes, the Extended Shares and the 1,500,192 'FOR AND REDEEM' shares with respect to a potential exchange of their debt, in whole or in part, for new equity and / or long term instruments in the Company. There is no certainty that the current initiatives will be successful and further announcements, regarding the outcome of these ongoing financing discussions and the potential debt for equity restructuring, will be made as and when appropriate. As part of the operational review, the following changes to the Board of the Company have been implemented with immediate effect: * Mr Daniel Small (aged 39) has been appointed as a Non-executive Director. Mr Small is currently Managing Director and Head of Asset Based Financings at Platinum Management (NY) LLC ("Platinum") in New York. Previous roles have included appointments as a senior analyst for the hedge fund manager, Glenview Capital Management, and a director of the strategic risk group at Merrill Lynch. Mr Small holds a B.S.E. in Finance, Accounting and Political Science from The Wharton School, University of Pennsylvania. Platinum is the investment manager for Platinum Partners Value Arbitrage Fund, L.P., an existing significant shareholder in the Company, which is interested in 3,723,823 ordinary shares of US$0.001 each representing approximately 9.80 per cent of the Company's issued ordinary share capital, of which 2,063,538 are 'FOR AND REDEEM' shares. Platinum is also the Company's largest creditor. * Greg Smith has stepped down from his role as Chief Executive Officer, but remains as a non-executive director and Chairman. * Jesse Rodriguez has assumed the role of interim Chief Executive Officer. * Marvin Pelley has stepped down from his role as President and Chief Operating Officer, but continues to serve on the board as a non-executive director. * Alfonso Brazzini, Howard Crosby and Luis Carlos Rodrigo Prado have stepped down from the board to pursue other interests. The Company has initiated a search for a permanent Chief Executive Officer with strong mining, project management and technical experience. There is no further information required to be disclosed in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in relation to the appointment of Mr Small. As a further part of the operational review, the Company has reduced the number of its retained advisers such that Numis Securities Limited has resigned by mutual agreement as joint broker to the Company. Fox-Davies Capital Limited continues as the Company's sole Broker with Strand Partners Limited acting as the Company's Nominated Adviser. Mr Jesse Rodriguez, interim Chief Executive Officer, commented: "In light of the current challenging and uncertain global economic environment and adverse financial markets, the Board has taken the difficult but necessary decision to suspend operations at the Company's Pachapaqui Mine and has deferred decisions on further project development and investment until further notice. With these measures, the Board intends to reduce the group's capital and operational expenditures in an effort to preserve the Company's limited existing cash resources whilst the Board seeks to secure additional financing. We continue to believe in the Pachapaqui Mine's excellent long term development potential. We are very pleased to welcome Daniel to the Board as a Non-executive Director and believe that he will be a great asset to the Company. On behalf of the Board, I would like to thank Alfonso, Howard and Luis for all their support and assistance and wish them well in their future endeavours." Enquiries: +---------------------------+------------------------+----------------------+ | International Consolidated Minerals | +---------------------------------------------------------------------------+ | Jesse Rodriguez | Chief Executive | Tel: +1 305 455 3980 | | | Officer | | +---------------------------+------------------------+----------------------+ | Pawan Sharma | Executive Vice | Tel: +44 (0)20 7766 | | | President - Corporate | 0085 | | | Affairs | | +---------------------------+------------------------+----------------------+ | Strand Partners Limited (Nominated Adviser) | +---------------------------------------------------------------------------+ | Simon Raggett | | Tel: +44 (0)20 7409 | | | | 3494 | +---------------------------+------------------------+----------------------+ | Matthew Chandler | | Tel: +44 (0)20 7409 | | | | 3494 | +---------------------------+------------------------+----------------------+ | Fox-Davies Capital Limited (Broker, London) | +---------------------------------------------------------------------------+ | Daniel Fox-Davies | | Tel: +44 (0)20 7936 | | | | 5203 | +---------------------------+------------------------+----------------------+ | David Poraj-Wilczynski | | Tel: +44 (0)20 7936 | | | | 5226 | +---------------------------+------------------------+----------------------+ | Credibolsa (Broker, Lima) | +---------------------------------------------------------------------------+ | Jorge Monsante | | Tel: +511 313 2922 | +---------------------------+------------------------+----------------------+ | Pelham (Public Relations) | +---------------------------------------------------------------------------+ | Charles Vivian | | Tel: +44 (0)20 7337 | | | | 1538 | +---------------------------+------------------------+----------------------+ | Klara Kaczmarek | | Tel: +44 (0)20 7337 | | | | 1524 | +---------------------------+------------------------+----------------------+ Additional information on International Consolidated Minerals Inc. International Consolidated Minerals Inc. (AIM & BVL: ICMI) was formed in 2005 to pursue mineral exploration, development and production with its initial attention in Latin America. ICMI's strategy is to focus on high-quality mining assets at an advanced stage of development. In early 2006, ICMI acquired the Pachapaqui mining property in central Peru which contains appreciable high grade zinc, lead, copper, silver and gold mineral reserves and resources. The property consists of 32 mining concessions of 2,105 hectares and one beneficiation concession of 65 hectares on which is located mining infrastructure and equipment, hydro-electrical generating stations, offices and accommodations, and concentrating plant facilities. In 2007, while conducting upgrades of the facilities, ICMI embarked on a drilling and exploration geology programme, initially in one area on the Pachapaqui property, from which the Company has had tremendous success in locating, and is confident of proving up significant additional mineral reserves and resources. The Company commenced production in 2008. Further information is available from the Company's website at: http://www.icmi-inc.com. - END - This information is provided by RNS The company news service from the London Stock Exchange END MSCBSGDXBXBGGCC
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