International Mining & Infrastructure Corp PLC on Tuesday said it has raised USD5 million via the issue of a convertible bond.

The company said it has issued the bond to Caisse Capital Ltd, a Cameroon-based investment vehicle controlled by Colin Mukete, who now will join the advisory board of the company.

The bond can be converted into shares in International Mining & Infrastructure at any time from six months after the issue at a price equivalent to the lowest price at which the company has issued shares in the 12 months immediately preceding the conversion, it said.

Mukete is a Cameroonian investor with interests in a range of business sectors and is currently the chairman of MTN Cameroon, the local arm of mobile telecommunications company MTN Group.

Shares in International Mining & Infrastructure were down 9.7% to 14.00 pence Tuesday, one of the worst performers in the AIM All-Share.