28th Aug 2007 14:04
International Ferro Metals Limited28 August 2007 28 August 2007 International Ferro Metals Limited ("IFL" or the "Company") International Ferro Metals to move from AIM to the Main Market of the LondonStock Exchange International Ferro Metals Limited (LSE:IFL), the integrated ferrochromeproducer, has today published its prospectus in connection with the proposedadmission of its entire issued ordinary share capital to a primary listing onthe Official List of the Financial Services Authority and to trading on theLondon Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective and that dealings in IFL'sordinary shares on the main market of the London Stock Exchange will commence at8.00 am on 31 August 2007. Pursuant to Rule 41 of the AIM Rules, and further tothe Company's previous announcements on 4 April and 9 July 2007, the Companyhereby gives notice that trading in the Company's ordinary shares on AIM will becancelled simultaneously. The Company has grown significantly in terms of its operations andcapitalisation since its admission to AIM in September 2005. As part of thisgrowth, the Board believes the move to the Main Market of the London StockExchange is appropriate and will expose the Company to a broader range ofinvestors and further improve liquidity in the Company's shares. Stephen Turner, Managing Director of IFL commented: "AIM has served us well since listing, and through this move to the OfficialList we are entering the next exciting stage of our development and look forwardto broadening our investor base further. "Within the next twenty five months IFL plans to be operating up to fiveferrochrome furnaces having a combined design capacity of 665,000 tonnes perannum of ferro chrome subject to completion of a feasibility study and securingdebt funding for the expansion. "The Company's chromite reserves and resources, its experienced management teamand the support provided to it by JISCO and CMC CoMetals through increasedguaranteed off-take agreements post expansion has well positioned IFL for itsfuture. "As the Company will move to the Main Market a Nominated Advisor will no longerbe required. The Board wishes to express its appreciation for the effort andsupport provided by its Nomad, Grant Thornton. " The Company is not raising any funds or issuing any new shares in connectionwith Admission and, accordingly, the interests of existing shareholders of theCompany will not be diluted as a result of the move to the Official List. TheCompany's stock code will continue to be LSE:IFL and on Admission there will be504,010,792 Ordinary Shares in issue. This announcement does not constitute an offer or invitation to any person tosubscribe for or purchase any securities in the Company or any other entity.This announcement has been issued by the Company and is the sole responsibilityof the Company. Numis Securities Limited is sponsor, financial adviser and broker to theCompany. Numis Securities Limited is acting for the Company and no one else inconnection with Admission and will not be responsible to any other person forproviding the protections afforded to customers of Numis Securities Limited orfor providing advice in relation to Admission. The prospectus is also available on the Company's website at www.ifml.com and isavailable free of charge at the Company's registered office and the offices ofBaker & McKenzie at 100 New Bridge Street, London EC4V 6JA. ENDS For further information please contact: International Ferro Metals LimitedStephen Turner, Managing DirectorMob: +61 418 440 844www.ifml.com Brunswick GroupPatrick Handley / Carole CableTel: +44 (0) 20 7404 5959 Numis Securities LimitedJohn Harrison / Stuart SkinnerTel: +44 (0) 20 7260 1000 Grant Thornton Corporate FinanceFiona OwenTel: +44 (0) 20 7383 5100 Notes to editors: IFL is an integrated ferrochrome producer that has recently commenced shipmentsfrom its integrated chromite mine and ferrochrome processing operations in SouthAfrica for use in the global stainless steel industry. IFL successfully raised £85.2 million (before expenses) through a placing inJuly 2007. The money raised will be used to fund the planned expansion of IFL'sexisting chromite mining and ferrochrome processing operations at theBuffelsfontein mine, involving the construction of up to three additionalfurnaces, a pelletising and sintering plant and a beneficiation plant. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
IFL.L