International Mining & Infrastructure Corporation (LON:IMIC) has raised US$30mln through a bond issue.
The bonds, which carry a coupon of 9%, have been issued to institutional investors and are due to mature in December 2017.
Including all associated costs, the unsecured bonds will carry annualised servicing costs of 13.5% per annum.
The proceeds from the issue of the bonds will be used for IMIC's general corporate development purposes.
Haresh Kanabar, chairman of IMIC, said: "As we progress towards completion of the proposed acquisition of Afferro Mining Inc, this bond further supports our plans to develop Afferro's assets in Cameroon."
Last week, IMIC raised £13mln through a placing of shares at 27p per share. The placing was conditional on the completion of the proposed acquisition of Afferro Mining. It also announced it had agreed a US$27 million facility with the Banque Atlantique Cameroun.
Shares in IMIC were down 1.25p to 26.5p in lunch-time trading.